Chapter 1 Economics in Business

not having enough resources to satisfy every need

an economy in which goods and services are produced the way they always have been produced

give up something to have something else

the value of the next-best alternative that you did not choose

a nation's plan for answering the three economic questions

things that add comfort and pleasure to your life

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

process of choosing which wants, among several options, will be satisfied

means through which goods and services are produced

refers to the quantity of a good service that businesses are willing and able to provide

things are required in order to live

the private ownership of resources by individuals, rather than by the government

person who buys and uses goods and services

an economy that combines elements of command and the market economies

activities that are consumed at the same time they are produced

an economy in which resources are owned and controlled by the government

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

Refers to the quantity of a good service that businesses are willing and able to provide

things that you can see and touch; products you can purchase to meet your needs or wants

the point where supply and demand are equal

An economy in which the resources are owned and controlled by the people of the country