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20 terms

2nd~ vocab chapter 1

vocab for the class
STUDY
PLAY
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