| A | B |
|---|
| Ecnomic Decision Making | Process of choosing which wants, among several options will be satisfied |
| Producers | Individuals and organizations that determine what products and services will be available for sale |
| Economic System | A nation's plan for answering the three economic questions |
| Economic Resources | Means through which goods and services are produced |
| Needs | Things that are required in order to live |
| Scarcity | Not having enough resources to satisfy every need |
| Supply | Quantity of a good or service that busnesses are willing and able to provide |
| Consumer | Person wo buys and uses goods and services |
| Command Economy | Sytem in which resources are owned and controlled by the government |
| Goods | Things you can see and touch |
| Capitalism | Private Ownership of resources by individuals rather than by government |
| Traditional Economy | System in which goods and services are produced the way it has always been done |
| Mixed Economy | System that combines elements of the command and market economies |
| Demand | Quantity of a good or service that consumers are willing and able to buy |
| Market Price | Point where supply and demand are equal |
| Wants | Things that add comfort and pleasure to your life |
| Services | Activities that are consumed at the same time they are produced |
| Tradeoff | Giving up on something to have something else |
| Opportunity Cost | Value of the alternative you did not choose |
| Market Economy | System in which the resources are owned and controlled by the people of the country |
| Marketplace | Anywhere goods or services exchange hands |
| Profit | Money left from sales after all of the costs of operating a business have been paid |
| Competition | The rivalry among businesses to sell their goods and services |
| Private Property | Can own, use, or dispose of things of value |
| Freedom of Choice | Can make decisions independently and must accept consequences of those decisions |
