| A | B |
|---|
| Needs | Things you need to live |
| Wants | Things that add comfort to your life |
| Goods | Things you see and touch |
| Services | Activities provided for the satifaction of others that are consumed at the same time |
| Economic Resources | Thing avalible to produce goods and services |
| Sacristy | Not having enough resourses to satisfy every need |
| Economic Decision Making | The process of choosing which wants and need will be met |
| Trade-Off | The decission one makes between two or more choices |
| Opportunity Cost | The value of the next best alternative that you were not able to choose |
| Economic System | the method a country uses to answer the three economic systems |
| Market Economy | The resourses are owned and controlled by the people of the country |
| Traditional Economy | An economy used by less developed countries using traditional means to produce goods and services |
| Mixed Economy | A combination of both commanad and market economies |
