Advertisement Upgrade to remove ads

vocab for the class

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

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set