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Economic Systems 1.01 Flashcards | StudBud
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Economic Systems 1.01
Raw materials supplied by nature
Necessities required for living
Economic Systems 1.01
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Questions
10
Answers
1
Necessities required for living
Wants
Consumer
Needs
Market Price
2
Raw materials supplied by nature
Natural Resources
Career Resources
Capital Resources
Human Resources
3
People using efforts, knowledge, and skills at work to produce goods and services
Natural Resources
Capital Resources
Career Resources
Human Resources
4
Decisions made for production, distrib., & consumption of gds & serv. to satisfy needs & wants
Services
Economics
Free Enterprise
Consumer
5
Process of giving up something for gaining something else
Needs
Wants
Tradeoff
Goods
6
Combines elements of the command and market economies
Mixed Economy
Opportunity Cost
Competitors
Producers
7
Goods and money used in the production of goods and services
Career Resources
Natural Resources
Captial Resources
Human Resources
8
The point where supply and demand are equal
Traditional Economy
Market Price
Profit
Free Enterprise
9
Condition that exists when wants or needs exceed resources available
Needs
Wants
Scarcity
Economics
10
Economic system which freedom to consume and produce goods and services exists
Free enterprise
Marketplace
Profit
Traditional Economy
