Chapter 1-Economic Decisions & Systems

Question 1

activities provided for the satisfaction of other that are consumed at the same time they are produced

Accepted Answer

Services

Question 2

Fast Food

Accepted Answer

Want

Question 3

point where supply and demand are equal

Accepted Answer

Market Price

Question 4

Plastic

Accepted Answer

Manmade Resource

Question 5

Designer Clothing

Accepted Answer

Want

Question 6

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

Accepted Answer

Supply

Question 7

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

Accepted Answer

Producers

Question 8

Dry Cleaning

Accepted Answer

Want

Question 9

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

Accepted Answer

Demand

Question 10

private ownership of resources by individuals rather than the government

Accepted Answer

Capitalism

Question 11

Video Games

Accepted Answer

Want

Question 12

things that are required in order to live

Accepted Answer

Needs

Question 13

Sheet Metal

Accepted Answer

Manmade Resource

Question 14

things that you can see and touch

Accepted Answer

Goods

Question 15

Paper

Accepted Answer

Manmade Resource

Question 16

Water

Accepted Answer

Natural Resource

Question 17

not having enough resources to satisfy every need

Accepted Answer

Scarcity

Question 18

Trees

Accepted Answer

Natural Resource

Question 19

Coal

Accepted Answer

Natural Resource

Question 20

giving up on something to have something else

Accepted Answer

Trade Off

Question 21

economy in which resources are owned and controlled by the government

Accepted Answer

Command Economy

Question 22

Value of the next best alternative that you were not able to choose

Accepted Answer

Opportunity Cost

Question 23

economy that combines elements of the command and market economies

Accepted Answer

Mixed Economy

Question 24

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

Accepted Answer

market economy

Question 25

The method a country uses to answer the three economic questions

Accepted Answer

Economic System

Question 26

things that add comfort and pleasure to your life

Accepted Answer

Wants

Question 27

House

Accepted Answer

Need

Question 28

Things available to be used to produce goods and services

Accepted Answer

Economic Resources

Question 29

Sunlight

Accepted Answer

Natural Resource

Question 30

Process of Choosing which needs and wants will be satisfied

Accepted Answer

Economic Decision Making

Question 31

person who buys and uses goods an services

Accepted Answer

Consumer

Question 32

Groceries

Accepted Answer

Need

Question 33

economy in which goods and services are produced the way it has always been done

Accepted Answer

Mixed Economy

Chapter 1-Economic Decisions & Systems

Questions 33

Chapter 1-Economic Decisions & Systems

Questions 33