| A | B |
|---|
| Needs | Things that are required in order to live. |
| Goods | Things that you can see and touch. |
| Wants | Things that add comfort and pleasure to your life. |
| Activities that are consumed at the same time they are produced. | Services |
| Has no physical characteristics. | Intangible |
| Another name for economic resources. | Factors of Production |
| Means through which goods and services are produced. | Economic Resources |
| Raw materials supplied by nature are known as ___. | Natural Resources |
| People producing goods and services | Human Resources |
| A risk taker who uses resources in an entirely new way to create a new product or service. | Entrepreneur |
| Includes the money needed to build a factory, buy a truck, pay employees, or purchase services needed to manufacture and distribute goods and services. | Capital Resources |
| Not having enough resources to satisfy every need. | Scarcity |
| The process of choosing which wants, among several options, will be satisfied. | Economic decision-making |
| When you give up something to have something else, you are making a ___. | Tradeoff |
| The value of the next-best alternative that you did not choose. | Opportunity Cost |
| Define the Problem | Step 1 in the Decision Making Process |
| Identify the Choices. | Step 2 in the Decision Making Process |
| Act on your choice. | Step 5 in the Decision Making Process |
| Review you Decision | Step 6 in the Decision Making Process |
| A nation's plan for answering the three economic questions. | Economic System |
| Resources are owned and controlled by the government | Command Economy |
| Resources are owned and controlled by the people of the country. | Market Economy |
| Anywhere that goods and services are exchanged | Marketplace |
| Goods and services are produced the way it has always been done. | Traditional Economy |
| Refers to the private ownership of resources by individuals. | Capitalism |
| The right of ___ means you can own, use, dispose of things of value. | Private Property |
| Means that you can make decisions independently and must accept the consequences of those decisions. | Freedom of Choice |
| The rivalry among businesses to sell their goods and services is known as ___. | Competition |
| Refers to the quantity of a good or service that businesses are willing and able to provide. | Supply |
| Quantity of a good or service that consumers are willing and able to buy. | Demand |
| Point where supply and demand are equal. | Market Price |
