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Misc.
100
Things that are required
What is a need
100
not having enough resources to satisfy every need
What is scarcity
100
a nation's plan for answering the three economic questions
What is an economic system
100
a person who buys and uses services
What is a consumer
100
the private ownership of resources by individuals, as compared to the government
What is capitalism
200
Things that add comfort or pleasure to your life
What is a want
200
the process of choosing which wants, among several option, will be satisfied.
What is economic decision making
200
the resources are controlled and owned by the government
What is command economy
200
individuals or organizations that determine what products will be available for sale
What is a producer
200
a rivalry among businesses to sell their goods or services
What is competition
300
Products that you can see or touch
What is a good
300
giving up one thing for something else
What is a tradeoff
300
the resources are owned by the people of the country
What is market economy
300
the quantity of a good or service that consumers are willing and able to buy
What is demand
300
the ability to make choices for yourself
What is freedom of choice
400
Activities that are consumed as they are produced, they are intangible.
What is a service
400
the value of the next best alternative that you did not choose
What is an opportunity cost
400
goods and services are produced in the way it has always been done
What is a traditional economy
400
the quantity of a good or service that is able to be supplied
What is supply
400
means that you can use, own, or dispose of things of value
What is private property
500
the means through which goods and services are produced
What is an economic resource
500
a six step model for making decisions
What is the decision making process
500
combination of the command and market economy
What is a mixed economy
500
the point where supply and demand are equal
What is market price
500
businesses offering very similar products to the same consumers
What is copetitors