Economic Concepts

Because of ________, I cant have everything I want...

The combining of all resources to makes goods. Availability and preference determine _________?

Individuals and businesses are decision makers for the private sector but the government is decision maker for public

What you give up after the choice is made

The inability to satisfy all wants is?

Centrally planned economy and Lack of consumer choice

Most economies today, including the United States economy, are ___________

What type of resource would a teacher be classified as?

Cell phones are a _______ resource

Production of goods and services using ________ (Capital, Human, Natural and Entrepreneurship)

What type of resource is a school building?

_______ is determined by the interaction of supply and demand.

Collard Greens are a ______ resource 

Competition and individual choice

There are not enough resources so I have to make a ________?

Equilibrium price

Because of scarcity, we must make?

Goods and services that are essential (important) for life are referred to as

Lower prices for a good or service provide incentives for producers to make or sell less of a good or service.

What ever I give up is my__________?

The use of goods and services.. Ex: We eat food and drink water

Amount of money for the goods

Things used to motivate you to purchase (buy) something

People often perform the same type of work as their parents and grandparents, regardless of ability or potential.

Which of these is a market?