Lets
Definition: An economy in which economic decisions are based on a society’s values, culture, and customs.
A. Want
B. Opportunity Cost
C. Product
D. Traditional Economy
Traditional Economy
Definition: An economy in which both the government and individuals make decisions about economic resources.
A. Systemic Decision Making
B. Mixed Economy
C. Entrepreneur
D. Capital Goods
Mixed Economy
Definition: An economy in which the government makes all the economic decisions for its citizens.
A. Market
B. Law of Supply and Demand
C. Need
D. Command Economy
Command Economy
Definition: Level of material comfort measured by the goods, services, and luxuries available.
A. Customer
B. Capitalism
C. Standard of Living
D. Service
Standard of Living
Actions taken by two or more business attempting to attract the same customers
A. wages
B. Competition
C. Labor
D. Sales
Competition
Definition: An economy in which individuals are free to make their own economic decisions, also known as free enterprise or private enterprise.
A. Systemic Decision Making
B. Market Economy
C. Market
D. Economic Systems
Market Economy
Definition: Economic resources a nation uses to make goods and supply services for its population.
A. Consumer
B. Capital
C. Factors of Production
D. Command Economy
Factors of Production
Definition: Person who starts a new business or purchases an existing business.
A. Product
B. Entrepreneur
C. Market Economy
D. Opportunity Cost
Entrepreneur
Definition: Science that examines how goods and services are produced, sold, and used.
A. Trade-Off
B. Mixed Economy
C. Economics
D. Competition
Economics
Individual or group that buys products
A. Customer
B. Employee
C. Manager
D. Business
Customer
Definition: Term for all the activities involved in developing and exchanging products.
A. Business
B. Factors of Production
C. Opportunity Cost
D. Entrepreneur
Business
Definition: All the tools, equipment, and machinery used to produce goods or provide services.
A. Wages
B. Capital
C. Economics
D. Scarcity
Capital
Definition: Organized way in which a nation chooses to use its resources to create goods and services.
A. Good
B. Traditional Economy
C. Business
D. Economic System
Economic System
Definition: Process used to measure the benefits of a decision minus the costs associated with taking that action.
A. Profit
B. Cost Benefit Analysis
C. Consumer
D. Customer
Cost Benefit Analysis
Anywhere buyers and sellers meet to buy and sell goods and services
A. Labor
B. Cost
C. Market
D. Economics
Market
Definition: An economic principle that states the price of a product is determined by the relationship of the supply of the product and the demand for the product.
A. Cost benefit Analysis
B. Command Economy
C. Law of Supply and Demand
D. Customer
Law of Supply of Demand
Definition: Process of choosing an option after evaluating the available information and weighing the costs and benefits of your alternatives.
A. Economic System
B. Traditional Economy
C. Standard of Living
D. Systemic decision Making
Systemic Decision Making
Definition: The difference between the income earned and expenses incurred by a business during a specific period of time.
A. Capital Goods
B. Profit
C. Entrepreneurship
D. Wages
Profit
Definition: An economic system where the economic resources are privately owned by individuals rather than the government.
A. Capitalism
B. Labor
C. Trade Off
D. Want
Capitalism
Level of material comfort measured by the goods, services and luxuries available
A. Capital
B. Commercial
C. Standard of Living
D. Money
Standard of Living
Physical item that can be touched.
Good
Action or task that is performed, usually for a fee.
Service
Products businesses use to produce other goods.
Capital Goods
Something a person must have to survive.
Need
Something that a person desires, but can live without.
Want