Things that are required in order to live.
Things that add comfort and pleasure to your life.
Things You Can See and Touch.
Activities that are consumed at the same time they are produced.
The means through which goods and services are produced.
Not having enough resources to satisfy every need.
The process of choosing which wants, among several options, will be satisfied.
When you give up something to have something else.
The value of the next-best alternative that you did not Choose
The type of system is based on how much the government is involved in the marketplace.
The economic resources are owned and controlled by the government.
The resources are owned and controlled by the people of the country.
Goods and services are produced the way it has always been done.
Combines elements of the command and market economies.
Private Ownership of resources by individuals, Rather than by the government.
a person who purchases and uses goods or services
individuals and organizations that determine what products and services will be available for sale.
the amount of goods and services people are willing to buy
The amount of goods/services available at any point in time.
The point Where Supply and Demand are equal.