| A | B |
|---|
| compact disc player | example of a want |
| tangible products used to meet wants and needs | goods |
| economic system based on freedom of choice | free market system/capitalism |
| market price | point where demand meets supply |
| why you can't have everything | scarcity |
| water, air, minerals | natural resources |
| next best choice once a decision is made | opportunity cost |
| rivalry among businesses to sell their goods | competition |
| people producing goods and services | human resources |
| things required in order to survive | needs |
| things that add comfort and pleasure ot your life | wants |
| intangible items used ot meet wants and needs | services |
| item purchased for personal use | consumer good |
| item purchased to create goods and/or services | capital good |
| those who buy goods and services | consumers |
| quantity of a good or service consumers are willing and able to buy | demand |
| those who determine which products and services will be available for sale | producers |
| production of goods and services are based on past ways of doing things | traditional economy |
| production of goods and services is determined by the government | command economy |
| taking a risk (in a business venture) | entrepreneurship |
