Satisfying Needs and Wants
Economic Choices
Economic Systems
Supply and Demand
Random
100
Something required in order to live
What is a need
100
When you give up something to have something else
What is a tradeoff?
100
What all economies must answer.
What are the 3 economic questions?
100
A person who buys and uses goods and services.
What is a consumer?
100
Raw materials supplied by nature
What are natural resources?
200
Things that add comfort and pleasure to your life
What are wants.
200
The value of the next-best alternative that you did not choose.
What is opportunity cost?
200
A nation's plan for answering the 3 economic questions.
What is an economic system?
200
The quantity of a good are service that businesses are willing and able to provide.
What is supply?
200
Not having enough resources to satisfy every need.
What is scarcity?
300
Wants and needs are satisfied by purchasing and consuming these.
What are goods and services.
300
Forced by scarcity
What are choices?
300
When resources are owned and controlled by the government?
What is a command economy?
300
Businesses offering very similar products to the same customers.
What are competitors?
300
The quantity of a good or service that consumers are willing to buy.
What is demand?
400
What economic resources are also called.
What are factors of production.
400
Process of choosing which wants, among several options, will be satisfied.
What is economic decision-making?
400
Anywhere that goods and services exchange hands
What is the marketplace?
400
Individuals and organizations that determine what products and services will be available for sale
Who are producers?
400
The point where supply and demand are equal.
What is the market price?
500
Type of human resource that uses economic resources in an entirely new way to create a new product or service.
What is an entrepreneur?
500
The mismatch of unlimited wants and needs and limited economic resources
What is the basic economic problem?
500
Making decisions independently, while being able to accept the consequences of those decisions.
What is freedom of choice?
500
Illustrates the relationship between the price of a product and the quantity demanded by consumers
What is the demand curve?
500
The private ownership of resources by individuals, rather than by the government.
What is capitalism?
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