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vocab for the class


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


a person who uses goods or services


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


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


Things that are required in order to live

opporunity cost

value of the "next best thing" you gave up


individuals and organizations that determine what products and services will be available for sale


not having enough resources to produce all of the things we would like to have


Activities that are consumed at the same time they are produced


the various quantities of a good or service that producers are willing to sell at all possible market prices


When you give up something to have something else.

traditional economy

goods and services are produced the way it has always been done


Things that add comfort and pleasure to your life

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