Needs & Wants
These are essential items required for survival
What are needs?
Resources supplied by nature
What are natural resources?
An economic system where government controls resources
What is a command economy?
People who buy products and services
Who are consumers?
The economic challenge of limited resources
What is scarcity?
Examples include television, smartphones, and movies
What are wants?
People who produce goods and services
What are human resources?
An economic system based on private ownership
What is a market economy?
Businesses that create and sell products
Who are producers?
The value of the next best alternative
What is opportunity cost?
Physical items you can touch and see
What are goods?
An entrepreneur who creates new products or services
Who is a human resource innovator?
Economic systems based on long-standing traditions
What are traditional economies?
How price affects consumer purchasing behavior
What is that as prices decrease, demand increases?
The process of making economic decisions
What are the six steps of decision-making?
Activities performed to satisfy consumer needs
What are services?
Money, tools, and equipment used in production
What are capital resources?
The four principles of the US economic system
What are private property, freedom of choice, profit, and competition?
The point where supply and demand intersect
What is market price?
The world's largest producer of goods and services
What is the United States economy?
Survival vs optional
What is the distinction between needs and wants?
The three primary types of economic resources
What are natural, human, and capital resources?
The economic system combining elements of command and market economies
What is a mixed economy?
The key factors that determine product pricing
What are supply, demand, and competition?
The economic system that allows individuals to "vote" with their money
What is a market economy?