Thing that are required in order to live (ie. Water, Food, Clean air, Clothing, and Shelter) are known as what?
What are Needs
100
Not having enough resources to satisfy every need, and this affects everyone, but some people are more affected than others is called.
What is Scarcity
100
A nation's plan for answering the three economic questions is called.
What is Economic System
100
A person who buys and uses goods and services is a.
What is a Consumer
100
This step is the third step in the decision making process which has you write down your choices.
What is Evaluate the advantages and disadvantages of each choice.
200
Things that add comfort and pleasure to peoples everyday life's is known as what?
What are Wants
200
This is the process of choosing which wants, among several options, will be satisfied thus making this term easier, and decisions leading to better decisions is called.
What is Economic decision-making
200
The resources that owned and controlled by the government is called.
What is a Command Economy
200
Individuals and organizations that determine what products are for sale are.
What is Producers
200
This step has you believe that it will be best for you at a particular time.
What is Choosing One Decision
300
Means through which goods and services are produced, and it's also called factors of production is called this.
What is Economic Resources
300
The decisions made by people based on scarcity is called this.
What is Choices
300
The resources that are owned and controlled by the people of the country is this type of economy.
What is a Market Economy
300
The quantity of a good or service that consumers are willing and able to buy are called.
What is Demand
300
In this step you made what you believe is your best decision, do whatever you have chosen not worrying about the decision you have decided against.
What is Acting On Your Choice
400
Things that you can see and touch, and are products you can purchase to meet your wants, and needs are called what?
What are Goods
400
The value of the next-best alternative that you didn't choose is called?
What is Opportunity Cost
400
Goods and services that are produced the way it's been done by countries that are less developed and are not yet participating in the global economy is called?
What is a Traditional Economy
400
quantity of a good or service that a business is willing and able to provide is a
What is Supply
400
In this step it is common to face many different alternatives when making a decision, but it is important to do this and consider the alternatives when making decisions.
What is Identify The Choices
500
Activities that are consumed at the same time they are produced, and are intangible this means they have physical characteristics are called this?
What are Services
500
When giving something up to have something else is called this.
What is Tradeoff
500
The economic system that the United States is.
What is Capitalism
500
The point where supply and demand are equal on graph is called?
What is Market Price
500
In this step you have had a chance to experience the results of your choice.