Economic Systems 1.01 Flashcards

1

Raw materials supplied by nature

2

Decisions made for production, distrib., & consumption of gds & serv. to satisfy needs & wants

3

Necessities required for living

4

Process of giving up something for gaining something else

5

Economic system which freedom to consume and produce goods and services exists

6

The point where supply and demand are equal

7

People using efforts, knowledge, and skills at work to produce goods and services

8

Goods and money used in the production of goods and services

9

Condition that exists when wants or needs exceed resources available

10

Combines elements of the command and market economies

Economic Systems 1.01