Satisfying Needs and Wants
Economic Choices
Economic Systems
Supply and Demands
Random

100

Things that are required in order to live?

needs

100

The means of not having enough resources to satisfy every need?

scarcity

100

A nation's plan for answering the three economic questions?

economic system

100

A person who buys and uses goods and services?

consumer

100

Another name for the economic system in the United States?

capitalism

200

The means through which goods and services are produced?

economic resources

200

The value of the next-best alternative that you did not choose?

opportunity cost

200

The resources owned and controlled by the people of the country.

market economy

200

Individuals and organizations that determine what products and services will be available for sale?

producer

200

The right of things you can own, use, or dispose for value?

private property

300

People producing goods and services?

human resources

300

When you give up something to have something else.

tradeoff

300

The resources owned and controlled by the government?

command economy

300

Refers to the quantity of a goods and services that businesses are willing and able to supply?

supply

300

Businesses offering very similar products to the same customer?

competitors

400

Things that add comfort and pleasure to your life?

wants

400

The process of choosing which wants, among several options, will be satisfied?

decision-making

400

Combines elements of the command and market economies?

mixed economy

400

The point where supply and demand are equal.

market price

400

The relationship between the price of a product and the quantity businesses will supply?

supply curve

500

The products you purchase to meet your wants and needs?

services

500

What are the steps of the decision-making process?

1.define the problem

2.identify the choices

3.evaluate the advantages and disadvantages of each choice

4.choose one

5.act on your choice

6.and review your decision.

500

Another name for the economic system in the United States.

capitalism

500

The quantity of a good or service that consumer are willing and able to buy?

demand

500

The money left over from sales after all of the costs of operating a business have been paid?

profit