Economic Decision Systems
Terms
undefined, object
copy deck
- Economic decision-making
- process of choosing which wants, amount several options,will be satisfied.
- needs
- thing that are required in order to live
- Goods
- things that you can see and touch.
- Mixed economy
- combines elements of the conmand and market economies.
- Scarcity
- The basic economic problem result
- Economic resources
- the means through which good and services are produced.
- Supply
- refers quantity of good or services that business are willing and able to provide
- Traditional economy
- good and services are produced the way it has always been done.
- Capitalism
- refers to the private ownership of resources by individuals
- tradeoff
- when you give up something else
- Producers
- individuals and organizations that determine what products and services will be available for sale.
- Market price
- point where supply and demand are equal.
- Wants
- Things that add comfort and pleasure to your life
- Services
- activities that are consumed at the same time they are produced.
- Consumer
- a person who buys and uses good and services.
- Command Economy
- the resources are owned and controlled by the goverment.
- Opportunity cost
- the value of the next-best alternative that you did not choose.
- Economic System
- nation's plan for answering the three economic questions.
- Market Economy
- The resources are owned and controlled by the people of the controlled