Resources
These are items found in nature that people use to make goods.
What is natural resources.
The steps people follow when making a choice.
What is the decision making process
Items you can buy or sell that are tangible.
What are goods.
A system where individuals own businesses and make decisions.
What is capitalism?
Something required to survive, like food, clothing, or shelter.
What is a need?
The workers and their skills used to produce goods.
What are human resources.
The value of the next best alternative you give up.
What is opportunity cost
Actions that satisfy wants or needs but aren’t physical objects.
What are services.
A system where the government owns all property and resources.
What is communism?
Money left over after all costs are paid.
What is profit?
Tools, machines, and buildings used in production.
What are capital resources.
Choosing between two or more options, often giving something up.
what is a trade off
When many businesses try to win customers by offering better deals.
What is competition?
A system where the government and individuals share control.
What is socialism?
The price at which supply equals demand.
What is market price?
The three main factors of production.
land, labor, capital
The basic economic problem—limited resources but unlimited wants.
What is scarcity?
The amount of a product available at a given time.
What is supply?
The three basic economic questions every system must answer.
What to produce, how to produce, for whom to produce?
The benefits individuals and society gain when businesses compete.
What are lower prices, better quality, and more choices?
The person who combines resources to start a business.
Who is an entrepreneur
A desire people have beyond what they need to survive.
What are wants
The amount of a product people are willing to buy.
What is demand?
The four main types of economic systems.
What are traditional, command, market, and mixed?
The most basic question in economics.
What is how to use limited resources to meet unlimited wants?