Chapter 1 Vocab Quiz

Private ownership of resources by individuals rather than by government

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

A nation's plan for answering the three economic questions

Activities that are consumed at the same time they are produced

Not having enough resources to satisfy every need

Things that you can see and touch

Means through which goods and services are produced

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

Value of the alternative you did not choose

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

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

System in which resources are owned and controlled by the government

Giving up something to have something else

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

System that combines elements of the command and market economies

Point where supply and demand are equal

Things that are required in order to live

Things that add comfort and pleasure to your life

Person who buys goods and services

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