Principles of Business 9e - Chapter 1 Terms

This economy is a combination of command and market economies.

A person who buys and uses goods services.

things that add comfort and pleasure to your life

things that are required to live

when you give up something to have something else

The quantity of a good or service that businesses are willing and able to provide.

The point where supply and demand are equal

Private ownership of economic resources by individuals, rather than by the government.

Government decide all answers to the economic questions and control and own all resources.

not having enough resources to satisfy every need

The three economic questions are answered by the people of the country.

The quantity of a good or service that consumers are willing and able to buy.

The value of the next best alternative that you were not able to choose.

organizations that determine what products and services will be available for sale.

they are products you can purchase to meet your wants and needs

Goods and services are produced in a way it has always been done.

The method a country uses to answer the three economic questions.

the process of choosing what needs and wants will be satisfied

activities provided for the satisfaction of others that are consumed when they are produced

things available to be used to produce goods and services