| Term | Definition |
|---|
| Needs | Things that are required in order to live. |
| Wants | Things that add comfort and pleasure to your life. |
| Goods | Things that you can see and touch. |
| Services | Activities that are produced. |
| Economic Resources | The means through which goods and services are produced. |
| Scarcity | Not having enough resources to satisfy every need. |
| Economic decision-making | The process of choosing which wants,among several options,will be satisfied. |
| Tradeoff | When you give up something to have something else. |
| Oppouryunity cost | The value of the next-best alternative that you did not choose. |
| Economic System | Nation's plan for answering the three economic questions. |
| Command Economy | The resources are owned and controlled by the government. |
| Market Economy | The resources are owned and controlled by the people of the country. |
| Traditional Economy | Goods and services are prouced the way it has always been done. |
| Mixed Economy | Combines elements of the command and market economies. |
Combine with other sets
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