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100
things that are required to live.
what is needs?
100
not having enough resources.
What is scarcity?
100
a nation plans for answering the 3 economic questions
What is economic system
100
refers to the private owership of resources by individuals, rather than by the government
What is capitalism?
100
the point where supply and demand are equal
What is market price
200
things that add comfort to your life.
what is wants?
200
the process of choosing which want among several options will be satisified
What is economic decision making?
200
the resources are owned and controlled by the government.
What is command economy?
200
a person who buys and uses good and services
What is consumer?
300
things that you can see and touch
what are goods?
300
when you give up something to have something else,
What is trade-off?
300
the resources are owned and controlled by the people of the country.
What is market economy?
300
individuals are organizations that determine what products and sevices will be available for sale.
What is producers?
400
activities that are consumed at the same time it produced.
What is services?
400
the value of the next best alternative that you did not choose
What is opportunity cost?
400
goods and services are produced the way it has always been done
What is traditional economy?
400
is the quantity of a good or service that consumers are willing and able to buy.
What is demand?
500
the means through good are produced
What is economic resources?
500
combined elements of command and market economies
What is mixed economy?
500
refers to the quantity of a good or services that businesses are willing and able to provide
What is supply?
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