| 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 systems | 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 cost | 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 provided 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 willing and able to provide |
| trade off | Giving up on something to have something else |
| traditional economy | Economy in which goods and services are produced the way it has always been done |
| wants | Things that add comfort and pleasure to your life |
