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Definition
| Unlimited wants and needs, combined with limited resources |
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Definition
| The government answers the three economic questions. |
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Term
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Definition
| Resources are owned by the people rather than the government. |
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Term
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Definition
| Goods and services are provided by the government and private enterprise. |
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Term
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Definition
| Based on independent decisions by businesses and consumers with only limited government role regulating those relationships. |
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Term
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Definition
| Use of resources to obtain the greatest profit. |
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Term
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Definition
| An individuals view of the worth of a product or service. |
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Term
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Definition
| Relationship between the quantity of a product consumers are willing to and able to purchase and the price. |
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Term
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Definition
| Relationship between the quantity of a product that producers are willing and able to provide and the price. |
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Term
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Definition
| The study of the economic behavior and relationships of an entire society. |
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Term
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Definition
| Examines relationships between individual consumers and producers. |
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Term
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Definition
| All the consumers who will purchase a particular product or service. |
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Term
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Definition
| Relationship between the quantity demanded and the price. |
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Term
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Definition
| As price decreases the demand increases and vice-versa. |
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Term
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Definition
| Natural resources, Capital, equipment, and labor. |
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Term
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Definition
| Relationship between price and quantity. |
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Term
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Definition
| When the price of a product is increased, more will be produced and vice-versa. |
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Term
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Definition
| The place where the demand curve and the supply curve intersect. |
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