| A | B |
|---|
| need | Things that are required in order to live |
| individuals | Goods and services are purchased by businesses as well as by THESE people |
| capital | Buildings, equipment, and supplies are examples of THESE resources |
| supply | All economic resources have a limited ________ |
| basic economic | The _______ __________ problem results from not having enough resources to satisfy every need |
| Review | The final step in the decision-making process is to do THIS to your decision |
| consumer | A person who buys and uses goods and services |
| US | The largest producer of goods and services in the world |
| human resources | People producing goods and services |
| Economic trade-off | when you decide to do one thing over another you have made one of THESE |
| Define the problem | first step in the decision-making process |
| nation | Every ______ must decide:what combination of resources will best suit its circumstances. which wants and needs are most critical. & which goods and services to produce. |
| command | If a government controls all resources and assigns people specific jobs and careers, it is said to be THIS type of economic system |
| the people | Who owns the economic resources in a market economy |
| traditional | type of economy is usually centered mainly on meeting people’s basic needs |
| economic | Freedom of choice, private property, & profit are all important principles of the US __________ system |
| competition | The rivalry among businesses to sell their goods and services |
| larger | Generally, as the price of a product increases businesses will be willing to supply ___________ quantities of the product |
| wants | Things that add comfort and pleasure to your life |
| services | Activities provided for the satisfaction of others and consumed at the time of purchase |
| entrepreneur | the risk taker who uses resources in a new way to create a new product or service. |
| scarcity | not having enough resources to satisfy every need |
| opportunity cost | When you make an economic choice, the ____________________ is the value of the next-best alternative that you did not choose |
| economic system | A nation’s method for answering the three economic questions |
| mixed | THIS economy combines elements of the command and market economies |
| profit | The money left over from sales after all the costs of operating a business have been paid is |
| producers | individuals and organizations that determine what products and services will be available for sale |
| demand | the quantity of a good or service that consumers are willing and able to buy. |
| competitors | businesses offering similar products to the same customers |
| market | the point at which supply and demand are equal |
