1.1
These are essential and required in order to live
What are NEEDS
The process of choosing which wants, among several options, will be satisfied.
What is Economic Decision-Making
These economies make Decisions based on customs, traditions, & beliefs of the past.
What are TRADITIONAL
A person who buys & uses goods & services.
What are consumers
These are the things you satisfy your want and needs with.
What are GOODS and SERVICES
When you give up MULTIPLE THINGS to have something else.
Tradeoff
In this economy ALL decisions are made by the govt.
What is COMMAND
Individuals & organizations that determine what products & services will be available for sale.
What are producers
The means through which goods and services are produced
What are ECONOMIC RESOURCES (Factors of Production)
Value of the next best alternative that you did not choose.
What is Opportunity Cost
in this economy some government involvement, consumer driven, aspects of economy based on traditional values
What is MIXED
The quantity of a good or service that consumers are willing & able to buy.
What is DEMAND
These are the FOUR economic Resources
What are land, labor, entrepreneurship and Capital
This is not having enough resources to satisfy every need.
What is Scarcity
In this economy they rely on the choices made by the consumers.
What is a MARKET
The quantity of a good or service that businesses are willing & able to provide.
What is SUPPLY