Chapter 1 Business Foundations Vocabulary

Not having enough resources to satisfy every need

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

Individuals and organizations that determine what products/services will be available for sale

System in which resources are owned and controlled by the government

Private ownership of resources by individuals rather than by the government

Things that are required in order to live

Person who buys and uses goods and services

System that combines elements of the command and market economies.

Value of the alternative you did not choose

Means through which goods and services are produced

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

Activities that are consumed at the same time they are produced

Things that add comfort and pleasure to your life

Things you can see and touch

Point where supply and demand are equal

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

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

What day is your quiz on?

A nation's plan for answering the key economic quesitons

Giving up something to have something else