Intro to Business Chapter 1

______________ are the means through which goods and services are produced.

Resources are owned and controlled by the people of the country

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

Things that add comfort and pleasure to life.

The point where supply and demand are equal

The value of next-best choice that you didn’t choose

Raw materials supplied by nature

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

A person who buys and uses goods and services

Goods and services are produced the way is has always been done

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

Equipment and money used to create products and services

When you give something up to have something else

Combines elements of the command and market economies, almost all of today’s economies are ____

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

All of the labor, ideas, and creativity that is contributed by human beings.

Resources are owned and controlled by the government

Private ownership of resources by individuals, freedom to choose, make profits, and compete.

Choose one of the three economic questions that every country must answer.

Activities that are consumed at the same time they are produced. A haircut would be an example.

things you use that you can see and touch, also known as products.

Not having enough to satisfy every need

Things that are required to live.