Economic Decisions System (BC)
Terms
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- Wants
- Things that add comfort and pleasure to your life.
- Market Economy
- An economy in which the resources are owned and controlled by the people of the country.
- Economic Resources
- Are the means through which goods and services are produced.
- Consumer
- A person who buys and uses goods and services
- Capitalism
- Refers to the private ownership of resources by individuals, rather than by the government.
- Economic Decision Making
- The process of choosing which wants, among several options, will be satisfied.
- Needs
- Things that are required in order to live.
- Supply
- Refers to the quantity of a good or service that businesses are willing and able to provide.
- Traditional Economy
- An economy in which goods and services are produced the way it has always been done.
- Scarcity
- Means not having enough resources to satisfy every need.
- Economic System
- A nation's plan for answering the three economic questions.
- Market Price
- The point where supply and demand are equal
- Services
- activities that are consumed at the same time they are produced.
- Opportunity Cost
- The value of the next-best alternative that you did not choose.
- Command Economy
- An economy in which the resources are owned and controlled by the government.
- Tradeoff
- When you give up something to have something else.
- Mixed Economy
- An economy in which it combines elements of the command and market economies.
- Producers
- Are individuals and organizations that determine what products and services will be available for sale.
- Goods
- things that you can see and touch.