Develop your business language – Flashcards
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Process of choosing which needs and wants will be satisfied
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Economic decision making
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Individuals and organizations that determine what products and services will be available for sale.
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Producers
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The method a country uses to answer the three economic questions
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Economic system
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Things available to be used to produce goods and services
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Economic resources
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Things that are required in order to live
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Needs
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Not having enough resources to satisfy every need
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Scarcity
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Quantity of a good or service that businesses are willing and able to provide
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Supply
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Person who buys and uses goods and services
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Consumer
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Economy in which resources are owned and controlled by the government
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Command Economy
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Things that you can see and touch
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Goods
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Private ownership of resources by individuals rather than by the government
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Capitalism
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Economy in which goods and services are produced the way it has always been done
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Traditional economy
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Economy that combines elements of the command and market economies
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Mixed economy
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Quantity of a good or service that consumers are willing and able to buy
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Demand
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Point where supply and demand are equal
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Market price
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Things that add comfort and pleasure to your life
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Wants
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Activities provided for the satisfaction of others that are consumed at the same time they are produced
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Services
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Giving up on something to have something else
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Trade-off
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Value of the next-best alternative that you were not able to choose
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Opportunity cost
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Economy in which the resources are owned and controlled by the people of the country
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Market Economy
