1.01 Economic Systems Vocabulary Cont.

Opportunity to make choices of goods and services and accept consequences of decisions

Right to purchase, use, and discard of things of value

Items purchased to satisfy needs and wants

Goods and services are owned and controlled by the people

Value of the next-best alternative that is forgone to produce or obtain another product

Buys and uses the goods and services

Money left after selling goods and services and costs of operating a business have been paid

Anywhere goods and services exchange hands

Businesses that offer the same goods to the same customers

Economic system in which decisions are based on customs and centered on family

Individuals and organizations that determine which gds and serv. will be avail for consumption

Economics system in which the government owns resources and dictates what is produced

The initiative to combine natural, human, and capital resources