Vocabulary
Things that are essential for survival such as, shelter, food, and water.
What are Needs.
The sixth step of the decision- making process.
What is something you must have to survive.
The basic economic problem.
What is the countries with few natural resources or people with limited education and low skilled may not be able to produce enough products and services for their citizens.
The opportunity costs associated with financial decisions.
What is you must make choices on how you spend your money.
Why do producers invest resources and take risks?
What is to make a profit.
Things that add us comfort and pleasure in our lives.
What are Wants.
The first step to the decision- making process.
What is Define the problem
The decision- making process help you do this.
What is it helps you select the best and most satisfying alternative from among a set of choices.
The first economic question.
What are the goods and services that will be produced?
Consumers decide what to buy, where to buy, from whom to buy, and ….?
What is the price they are willing to pay.
When there are limited amount of resources left and not enough to suit everyone's needs.
What is Scarcity.
The fourth step to the decision- making process.
What is Choose One.
The law of supply and demand explains this.
What is the interaction between the supply of a resource and the demand for that resource.
The second economic question.
What is how will the goods and services be produced?
The system does work and works well based on the principle of....?
What is supply and demand.
A risk taker who uses resources in an entirely new way to create a new product or services.
What is an Entrepreneur.
The fifth step of the decision- making process.
What is act on your choice.
The three important economic conditions.
What are; 1. Consumer prices 2. Consumer spending 3. Interest rates
The third economic question.
What are the needs and wants that will be satisfied with the goods and services produced?
A product that illustrates the relationship between the price of the product, the product, and the quantity businesses will supply that product?
What is a supply curve.
Resources like buildings, equipment, and supplies fall into this category.
What are Capital Resources.
The second and third step of the decision- making process.
What is identify the choices and evaluate the advantages and disadvantages of each choice.
The decision- making process consist of this.
What is to choose the best process that chooses the best uses for their limited resources.
The eight strategies you can apply to achieve your financial goals.
What are; 1. Obtain 2. Plan 3. Spend wisely 4. Save 5. Borrow wisely 6. Invest 7. Manage risks 8. Plan for retirement
As the price decreases, the number of consumers willing to buy the product, and the ability to purchase the product will ________.
What is increase.