Ch. 1 Business Fundamentals

Activities that are consumed at the same time they are produced.

Things that are required in order to live.

A nation’s plan for answering the three economic questions.

Things that add comfort and pleasure to your life.

Systems that combines elements of the command and market economies.

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

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

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

Things that you can see and touch.

Point where supply and demand are equal.

Not having enough resources to satisfy every need.

System in which the resources are owned and controlled by the people of the country.

Process of choosing which wants among several options, will be satisfied.

Means through which goods and services are produced.

Giving up on something to have something else.

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

Values of the alternative you did not choose.

System in which goods and services are produced the way they have always been done.

A. Person who buys and uses goods and services.

System in which resources are owned and controlled by the government.