Economic Decisions & Systems

The money left from sales after all costs of operating a business have been paid.

Sometimes a natural disaster can affect the supply of a product.

Raw materials supplied by nature

The process of choosing which needs and wants will be satisfied

Things that you can see and touch

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

The private ownership of economic resources by individuals rather than by the government.

Activities provided for the satisfaction of others & consumed at the same time they're produced

Countries have differing types & amounts of resources.

Illustrates the relationship between the price of a product & the quantity can be supplied.

The value of the next-best alternative that you were not able to choose.

Which of the following is NOT one of the three economic questions?

If many consumers demand a particular good or service, its price will usually...

An economy that combines elements of the command and market economies.

The quantity of a good or service that businesses are willing & able to provide.

Which of the following is NOT a type of economic resources?

Both individuals and organizations can be producers.

The quantity of a good or service that consumers are willing & able to buy.

Needs are things that

The basic economic problem is that consumers have too many products & services to choose from.

Illustrates the relationship between the price of a product or service & the quantity demanded

Which of the following is NOT an example of a natural resource?

Economy where resources are owned & controlled by the government.

Which of the following is NOT a step in the decision-making process?

Which of the following is NOT one of the four principles of the US economic system?

Not having enough resources to satisfy every need.

The point where supply and demand are equal.

Products and money used in the production of goods and services.

The United States has a market economy.

When you give up something to have something else, you are making a

The rivalry among businesses to sell their goods and services.

The things available to be used to produce goods and services.

Individuals & organizations that determine what products & services will be available for sale.

______ means that you can make economic decisions independently & must accept consequences.

A person who buys and uses goods and services.

Economy where the resources are owned & controlled by the people of the country.

Things that add comfort & pleasure to your life

Economy where goods & services are produced the way it has always been done.

The method a country uses to answer the three economic questions.

The people who produce goods and services.

As competition increases, prices will

Which of the following is NOT a type of economic system?