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Definition
| A person who buys and uses goods and services |
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Definition
| The quantity of a good or service that consumers are willing and able to buy |
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Definition
| The process of choosing which wants, among several options, will be satisfied |
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Definition
| The means through which goods and services are produced |
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Term
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Definition
| A nation's plan for answering the three economic questions |
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Term
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Definition
| Things you can see and touch |
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Term
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Definition
| The point where supply and demand are equal |
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Term
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Definition
| Things that are required in order to live |
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Term
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Definition
| The value of the alternative you did not choose |
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Term
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Definition
| Individuals and organizations that determine what products and services will be available for sale |
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Term
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Definition
| Not having enough resources to satisfy every need |
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Term
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Definition
| Activities that are consumed at the same time they are produced |
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Term
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Definition
| The quantity of a good or service that businesses are willing and able to provide |
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Term
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Definition
| Giving up something to have something else |
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Definition
| Things that add comfort and pleasure to your life |
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Term
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Definition
| A type of economic system where there is private ownership of resources by individuals rather than by the government |
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Term
| COMMAND ECONOMY (COMMUNISM) |
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Definition
| An economic system in which resources are owned and controlled by the government |
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Term
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Definition
| An economic system in which the resources are owned and controlled by the people of the country |
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Term
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Definition
| An economic system that combines elements of the command and market economies |
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