Principles of Business ~ Chapter 1 Vocab

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

Economy that combines elements of the command and market economies

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

Point where supply and demand are equal.

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

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

Things that add comfort and pleasure to your life.

Process of choosing which needs and wants will be satisfied.

Giving up on something to have something else.

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

Things that you can see and touch.

Activities provided for the satisfaction  that are consumed at the same time they are produced.

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

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

Things that are required in order to live.

Not having enough resources to satisfy every need.

Person who buys and uses goods and services.

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

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

Things available to be used to produce goods and services.