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Terms for Quiz

Economic System

the way a society organizes the production, consumption, and distribution of goods and services


a system in which buyers and sellers exchange goods and services, resources, currencies, and so on


things used by producers to make goods and services


objects that satisfy people's wants


intangible activities that satisfy people's wants


the basic economic problem that occurs when economic wants are greater than the resources available to satisfy them (there is not enough)


options among which to make choices (what your choices are )


standards or measures of value that people use to evaluate what is most important


giving up some of one thing to get some of another thing


a schedule of how much producers are willing and able to produce and sell at all possible prices during some time period


a schedule of how much consumers are willing and able to buy at all possible prices during some period of time


the situation when the quantity supplied exceeds the quantity demanded of a good, service or resource (there is extra)

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