Ch 1: Economic Decisions and Systems

Unlimited wants and needs and limited economic resources is the basic economic problem.

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

Things that are intangible and have no physical characteristics are called

Equipment and money used in the production of goods and services are called natural resources.

The rivalry among businesses to sell their goods and services is called _______________.

The value of the next best alternative that you did not choose is called

Raw materials supplied by nature are called

The right of private property means you can own, use, or dispose of things of value.

Things that add comfort and please to your life are called

The United States could be characterized as a mixed economy.

Which of the following is a consumer

When you give up something to have something else

Personal economic freedom is limited in a

Your needs and wants never end.

Economic resources are sometimes referred to as factors of _____________.

All of the following is a need EXCEPT

The means through which goods and services are produced are called

Goods and services are produced the way they always have been produced in a

Not having enough resources to satisfy every need is called

The point at which supply and demand are equal is called the ______________.