Terms
Needs
What is a Basic to Survival
Goods
What is satisfy most of our wants
Goods and services are purchased by businesses as well as by individuals.
What is True
3 economic resources
What is human farmer, natural oil and gas, capital buildings, equipment.
Wants
What is Adds Quality to Life
Services
What is activities consumed the same time as they are produced
Buildings, equipment, and supplies are examples of natural resources.
What is false
What are the 4 types of economic systems
What is Command, Traditional, Mixed, and Market.
Supply
What is how much producers are willing to provide
Demand
What is how much consumers are willing to buy
A person who buys and uses goods and services is called a consumer.
What is true
Competition, Private Property, and Freedom of Choice
What are Market Economies 4 Features?
The money left over from sales after all the costs of operating a business have been paid.
What is profit
Personal economic freedom is most limited in which economic system
What is command
Generally, a lack of competition will result in lower prices for goods and services.
What is false
Low Supply, High Demand or High Supply, Low Demand?
What are 2 ways prices are effected in our market economy?
The risk-taker who uses resources in a new way to create a new product or service.
What is an entrepreneur
A nation's plan for answering the three economic questions.
What is economic system
The basic economic problem results from not having enough resources to satisfy every need.
What is...True
Basic economic problem
What is the mismatch between unlimited wants and needs and the resources we have to fulfill those wants and needs.