Principles of BMF Chapter 1 Economic Decisions and Systems

 Things that you can see and touch. 

The United States could best be characterized as a command economy.

 Those who determine which products and services will be available for sale.

 The means through which goods and services are produced are called

 Personal economic freedom is most limited in a

In a(n) _________, goods and services are produced the way they have always been produced.

 The value of the next-best alternative that you did not choose is called___________

The rivalry among businesses to sell their goods and services is called________.

 Which of the following is NOT characteristic of capitalism?

  Things that add comfort and pleasure to your life.

The point at which supply and demand are equal is called the __________.

 Those who buy and use goods and services.

The process of choosing which wants, among several options, will be satisfied is called________

 Economic resources are sometimes referred to as _____________.

Products and money used in the production of goods and services are called natural resources.

Your needs and wants never end. 

  People producing goods and services.