| A | B |
|---|
| economic decision making | process of choosing which needs and wants will be satisfied |
| producers | individuals and organizations that determine what products and services will be available for sale |
| economic systems | the method a country uses to answer the three economic questions |
| economic resources | things available to be used to produce goods and services |
| 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 businesses are willing and able to provide |
| consumer | person who buys and uses goods and services |
| command economy | economy in which resources are owned and controlled by the government |
| goods | things that you can see and touch |
| capitalism | private ownership of resources by individuals rather than the government |
| traditional economy | economy in which goods and services are produced the way it has always been done |
| mixed economy | economy 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 provided for the satisfaction of others that are consumed at the same time they are produced |
| trade-off | giving up something to have something else |
| opportunity cost | value of the next-best alternative that you were not able to choose |
| market economy | economy in which the resources are owned and controlled by the people of the country |
