2nd~ vocab chapter 1
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20 terms
Terms | Definitions |
|---|---|
 capatilism | economic base system based on private ownership and on the investment of money |
| command economy | the economic resources are owned and controlled by the government |
| consumer | a person who uses goods or services |
| demand | the ability and desire to purchase goods and services |
| economic decision making | The process of choosing which wants, among several options, will be satisfied. |
| economic resources | the means through which goods and services are produced |
| economic system | A nation's plan for answering the three economic questions |
| goods | Things You Can See and Touch |
| market economy | the resources are owned and controlled by the people of the country |
| market price | The point where supply and demand are equal |
| mixed economy | combines elements of the command and market economies |
| needs | Things that are required in order to live |
| opporunity cost | value of the "next best thing" you gave up |
| producers | individuals and organizations that determine what products and services will be available for sale |
| scarcity | not having enough resources to produce all of the things we would like to have |
| services | Activities that are consumed at the same time they are produced |
| supply | the various quantities of a good or service that producers are willing to sell at all possible market prices |
| tradeoff | When you give up something to have something else. |
| traditional economy | goods and services are produced the way it has always been done |
| wants | Things that add comfort and pleasure to your life |
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