Vocab 1
The basic economic problem
SCARCITY
The amount of the good that buy ers are willing and able to purchase. (Often referred to as demand) at a giv en price.
QUANTITY DEMANDED
Means through which goods and services are produced
Economic Resources
The monetary value of the good (Dollars in the US)
PRICE
Rivalry among businesses to sell their goods and services
COMPETITION
THINGS THAT ARE CONSUMED AFTER THEY ARE PRODUCED
GOODS
A person who buys and uses goods and services.
CONSUMER
Quantity of goods or services that business are willing and able to provide
SUPPLY
Quantity of goods and services that consumers are willing and able to buy .
Demand
Point where supply and demand are equal
Equilibrium
Things that add comfort and pleasure to your life.
WANTS
A type of economy where things are produced the same way they have always been.
TRADITIONAL ECONOMY
Both the Government and the people own and control resources.
Mixed Economy
Refers to private ownership of resources rather than by government
Capitalism
Individuals and organizations that determine what products and services will be available for sale.
PRODUCER
Things that are required in order to live?
NEEDS
When you give up something to have something else?
TRADEOFF
The value of the next best alternative
Opportunity Cost
An economy in which.... The resources owned and controlled by the PEOPLE
Market Economy
An economy in which.... The resources owned and controlled by the government
Command Economy
The social science of how a society uses its economic resources to satisfy the wants and needs of the people is called?
Economics
Activities that are consumed at the same time they are produced
SERVICE
The amount that sellers are willing and able to sell at a given price
QTY SUPPLY
The process of choosing which wants, among several options will be satisfied
Economic Decision Making
A nations plan for answering the 3 economic questions
Economic System