Economic Fundamentals Davison

What is the Third economic decision all economies have to make?

Which economy is a combination of the three basic systems?

What economy has private individuals make their own decisions about production, distribution, and comsumption?

Who makes the first economic decision in our country?

When resources are always limited compared with the number and variety of wants people have it is called what?

What is the process of buying or using of goods and services?

What value is the cornerstore of the American economic system?

The amount you must pay for a good or service is called...

What is anything produced in an economy that is used to produce other goods and services?

What is the first economic decicion all economies have to make?

What is the process by which goods and services are made available to the people who want them?

How has technology affected the economy of the U.S.?

An economy where supply and demand regulate the economy, rather than government intervention is a...

How much of something is called what?

A system for producing and distributing goods and services to fulfill people's wants is...

What is the difference between what it costs to produce something and the price the buyer pays?

What is the benefit given up when scarce resources are used for one purpose instead of another?

What are the resources for producing goods and services to satisfy people's wants called?

What influences how a society decides to make goods and services

What is the second economic decicion all economies have to make?

Food and shelter are peoples most basic wants.

What is not a freedom we have in our system?

Most countries have what type of economic system?

Where do buyers and sellers meet face to face?

Anything accepted as payment is called...

Which economic system relies on competition and profit?

What is the practical application of science to commerce or industry?

What do all economies have to do?

Most people are both consumers and what?

In what economy does the government or central authority make basic economic decisions?

an economy whete the central government plans, organizes, and controls all economic activities is a...

What is money to help a business get started?

What term for market systems gives people in a market economy freedom to do economic activities with little gov. control

A person who uses goods and services is called a...

What are the Three Factors of Production?

An economy that relies on customs, history, and time-honored believes is a...

What economy has basic decisions made according to custom?

A market is a place where people exchange goods or services