What is an Economy

The benefit given up when resources are used for one purpose instead of another

In a market economy, economic choices are NOT affected by

anything produced that is saved to be used to produce other goods or services

using your money to help start a business or make one grow in hopes of earning a profit 

the problem that resources are limited compared to peoples wants

the difference between the cost of producing goods and services

economic decisions are based on long-held beliefs and customs

In every society, decisions about who receives goods and services are primarily influenced by

Every society must make all the following basic economic decision EXCEPT

Which of the following is associated with a market economy?

The profit motive influences choices most strongly in

economic decisions are made by the government

some economic decisions are made by the government and some by individuals

Most economic systems of the world today are

The want-satisfaction chain

Human economic wants

buying or using goods and services

A command economy is

Capital includes

calls attention to the fact that capital is privately owned

the resources people have for producing goods and services

economic decisions are made by individuals competing freely with each other

Which of the following is not part of the wants-satisfaction chain?

The economy of the United States is

Which of the following is an example of a factor of production?