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Definition
| The conflict between unlimited wants and limited resources |
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| developing or third-world countries |
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| found in democratic forms of government |
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| economic resources are privately owned by individuals rather than by the government |
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Definition
| an individual's right to own a business, select a market to enter, and produce with limited government direction |
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| you can own, use, and dispose of things of value |
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| a reward for taking risks |
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| the rivalry among businesses to sell their products and services to consumers |
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| things required in order to live |
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| things that are not necessary for survival, but add comfort and pleasure to your life |
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| things you can see and touch |
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| activities that are consumed at the same time they are produced |
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| factors of production: natural, human, and capital |
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| raw materials supplied by nature |
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| labor, or the people who work to produce goods and services |
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| tools, equipment, supplies, and buildings that are used to supply goods and services; money is a type of capital |
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| the process of deciding among several alternative wants to determine the one most desired |
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Term
| Gross Domestic Product (GDP) |
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Definition
| the total dollar value of all goods and services produced in an economy in one year |
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Definition
| the recurring ups and downs of GDP |
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Definition
| the relationship between the amount of a good or service that consumers are willing and able to buy and the price of the good or service |
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Term
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Definition
| the amount of a good or service that businesses are willing and able to provide based on the price of the good or service |
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