| A | B |
|---|
| Capitalism | Private ownership of resources by individuals rather than by the government. |
| Command economy | Economy in which resources are owned and controlled by the government. |
| Consumer | Person who buys and uses goods and services. |
| Demand | Quantity of a good or service that consumers are willing and able to buy. |
| Economic decision making | Process of choosing which needs and wants will be satisfied. |
| Economic resources | Things available to be used to produce goods and services |
| economic system | The method a country uses to answer the three economic questions. |
| goods | Things that you can see and touch. |
| market economy | Economy in which the resources are owned and controlled by the people of the country. |
| market price | Point where supply and demand are equal. |
| mixed economy | Economy that combines elements of the command and market economies. |
| needs | Things that are required in order to live. |
| opportunity costs | Value of the next-best alternative that you were not able to choose. |
| producers | Individuals and organizations that determine what products and services will be available for sale. |
| scarcity | Not having enough resources to satisfy every need. |
| services | Activities proided for the satisfaction of others that are consumed at the same time they are produced. |
| supply | Quantity of a good or service that businesses are wiling and able to provide. |
| trade-off | Giving up on something to have something else. |
| traditional economy | Economy in which goods and serices are produced the way it has always been done. |
| wants | Things that add comfort and pleasure to your life. |
