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Definition
| resources for producing goods and services to satisfy people’s wants |
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| anything produced in an economy that is used to produce goods and services |
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| the buying or using of goods and services |
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| benefit given up when scarce resources are used for one purpose instead of another |
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| when resources are always limited compared to the number and variety of wants people have |
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| the practical application of science to commerce or industry |
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| an economy in which basic decisions are made according to custom |
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| the government or a central authority makes basic economic decisions |
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| an economy in which private individuals make their own decisions about production, distribution, and consumption |
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| an economy that is a combination of the three basic systems |
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| difference between what it costs to produce something and the price the buyer pays |
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| use your money to help a business get started |
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Term
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| system in which individuals in a market economy are free to undertake economic activities with little or no government control |
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Definition
| system in which people make their own decisions about how to save resources as capital and use it to produce goods and services |
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Term
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Definition
| process by which goods and services are made available to the people who want them |
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