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Definition
Your life can not go on without needs.
Food, water, clean air, clothing, home, education, employment, safety. |
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Definition
| Enjoyable items that can make your life easier and more luxurious. (You can live without) |
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Term
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Definition
| Goods are items you can hold, feel, and see. You purchase these items to help fill your wants and needs. |
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Term
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Definition
Activities that you use when you need them. (no physical characteristics)
[hair cut, dentist, teachers, cooks,doctors] ~intangible items~ |
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Term
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Definition
When services and goods are produced.
(Factors of production) |
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Term
| What are three kinds of economic resources? |
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Definition
1. natural resources
2.human resources
3.capital resources |
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Term
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Definition
| Raw materials supplied by nature |
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Definition
| People producing goods and services |
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Term
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Definition
| a risk taker who tries new resources in a new way for a new product or service. |
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Term
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Definition
| Money and products used in making goods and services. |
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Term
| The basic economic problem |
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Definition
| is the different needs and wants in a limited economic problem. |
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Term
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Definition
| This is when you don't have enough resources to fit everyones needs. |
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Term
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Definition
| choosing what wants you want out of many and which one is the better choice. |
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Term
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Definition
This is when give up something to gain another thing.
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Term
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Definition
| this is what you could have spent on your other option that you decided against on. |
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Term
| what are the 6 steps in the decision-making process? |
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Definition
1. define the problem
2. identify the choices
3. evaluate the pros and cons of each choices
4.choose one
5. act on your choices.
6. review your decision. |
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Term
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Definition
This is the nations plan for answering the three economic questions.
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Term
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Definition
| when the government owns and controls the resources. |
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Term
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Definition
| when the people of the country control and own the resources |
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Term
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Definition
| when the goods and services are produced the way they are always produced. |
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Term
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Definition
| puts together elements of the command and market economic. |
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Term
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Definition
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Term
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Definition
| you can own, use, or dispose of things of value. |
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Term
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Definition
| you can make decisions on your own and accept the consequences of those decisions. |
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Term
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Definition
| business/ individuals that invest resources and take risks have the right to earn a profit. |
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Term
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Definition
| rivalry among businesses to sell their goods/services |
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Term
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Definition
people who buy and use the goods and services
consumers set demand for a product or service. |
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Term
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Definition
| people and organization that decide[make] what products to sell. |
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Definition
| is how much goods and service the consumers are able to buy. |
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Definition
| is how much of goods and services businesses are able to provide. |
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Term
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Definition
| when supply and demand are equal. Meet in the middle* |
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