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needs
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things that are required in order to live
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terms list
needs
things that are required in order to live
wants
things that add comfort and pleasure to your life
goods
things you can see and touch
services
activities that are consumed at the same time they are produced
economic resources
the means through which goods and services are produced
natural resources
raw materials supplied by nature
human resources
people producing goods and services
entrepreneur
the risk taker who uses resources in an entirely new way to create a new product or service
capital resources
products and money used in the production of goods and services
the basic economic problem
the mismatch of unlimited wants and needs and the limited economic resources
scarcity
not having enough resources to satisfy every need
economic decision-making
the process of choosing which wants, among several options, will be satisfied
tradeoff
when you give up something to have something else
opportunity cost
the value of the next-best alternative that you didn't choose
economic system
a nation's plan for answering the three economic questions
command economy
the resources are owned and controlled by the government
market economy
the resources are owned and controlled by the people of the country
traditional economy
goods and services are produced the way it has always been done
mixed economy
combines elements of the command and market economies
capitalism
the private ownership of resources by individuals, rather than by the government
private property
you can own, use, or dispose of things of value
profit
the money left from sales after all of the costs of operating a business have been paid
competition
the rivalry among businesses to sell their goods and services
consumer
a person who buys and uses goods and services
producers
individuals and organizations that determine what products and services will be available for sale
demand
the quantity of a good or service that consumers are willing and able to buy
supply
the quantity of a good or service that businesses are willing and able to provide
supply curve
illustrates the relationship between the price of the product and the quantity businesses will supply
competitors
businesses offering very similar products to the same customers
market price
the point where supply and demand are equal
free enterprise
the freedom of production and consumption decisions
freedom of choice
you can make decisions independently and must accept the consequences of those decisions
demand curve
illustrates the relationship between the price of a product and the quantity demanded by consumers
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