Intro to Business: Chapter 1 - Economic Decisions and Systems

Question 1

Person who buys and uses goods and services.

Accepted Answer

consumer

Question 2

Quantity of a good or service that consumers are willing and able to buy.

Accepted Answer

demand

Question 3

System in which resources are owned and controlled by the government.

Accepted Answer

command

Question 4

System that combines elements of the command and market economies.

Accepted Answer

mixed

Question 5

Activities that are consumed at the same time they are produced.

Accepted Answer

service

Question 6

Things that you can see and touch.

Accepted Answer

goods

Question 7

Not having enough resources to satisfy every need.

Accepted Answer

scarcity

Question 8

System in which goods and services are produced the way they have always been done.

Accepted Answer

traditional

Question 9

Means through which goods and services are produced.

Accepted Answer

economic resources

Question 10

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

Accepted Answer

supply

Question 11

Value of the alternative you did not choose.

Accepted Answer

opportunity cost

Question 12

Point where supply and demand are equal

Accepted Answer

equillibrium price, market price

Question 13

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

Accepted Answer

market

Question 14

Giving up on something to have something else.

Accepted Answer

trade-off

Question 15

Private ownership of resources by individuals rather than by the government.

Accepted Answer

capitalism

Question 16

A nation's plan for answering the three economic questions.

Accepted Answer

Economic system

Question 17

Things that add comfort and pleasure to your life.

Accepted Answer

want

Question 18

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

Accepted Answer

economic decision-making

Question 19

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

Accepted Answer

producers

Question 20

Things that are required in order to live

Accepted Answer

needs

Questions 20