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100
needs
What is things that are required in orderto live are
100
scarcity
What is the basic econmic problem
100
economic system
What is a nations plan for answering the three econmic questions
100
another name for the US economic system
What is captailism
100
supply
What is reffered to the quanity of a good or service that businessess are willing and able to provide
200
wants
What is things that add comfort and pleasure to your life
200
Econmic decsion making
What is the process of choosing which wants,among several options will be satisfied
200
command economy
the resources are owned and controoled by the goverment
200
the rilivary among businesses
What is competition
200
the point where supply and demand are equal
What is Market Place
300
goods
What is things that that you can feel and touch
300
trade off
when you give up something to have something else
300
market economy
the resources are owned and controlled by the people
300
How to produce what needs and wants to satisfy what to prduce
what are the three econmic questions
300
producers
are indivuals and organizations that determine what products and services will be avalible
400
sevice
What is activities that are consumed at the same time they are produced
400
oppertunity cost
the value of the next best alternate that you did not choose
400
traditonal economy
goods and services are produced the way it has always been done
400
Private Property Freedom of choice Profit Competition
What is the four princples of the U.S economic system
400
demand
What is the quanity of a good
500
econmic resource
What is the means through which goods and services are produced
500
define the problem identify the the choices evaluate the advantages and disadvantages of each choice choose one act on your choice reveiw your decsion
What is the 6 steps in making a deciosn process
500
mixed economy
combines elements of the command and market economies
500
4
how many econmic systems are ther
500
consumer
What is a person who buys and uses goods and services