NCVPS Civics- Economics Basics-Module 6

When you can choose only one of two things, the thing you did not choose is your -

Buildings, equipment, tools, money -

The most common kind of economy in the world today -

The inability to satisfy the wants of everyone, all at the same time, is the problem of -

A business with one owner who takes all the risks and all the profits -

A business authorized by law to act as a legal person, regardless of the number of owners -

Using goods and services -

The amount of a good or service producers are willing and able to sell at a given price -

Things we get from nature, like water, coal, oil and lumber -

What are private financial institutions?

How do banks encourage saving and investing?

Factors of production, used to produce goods and services -

This kind of economy is most common today in communist dictatorships -

This kind of economy is completely controlled by the government, and there is little choice -

Combining resources to produce goods and services -

People brave enough to take a risk to start their own businesses are called -

The labor, skills, education and experience of people -

The amount of a good or service consumers are willing to buy at a given price -

Prices are determined by -

In a traditional economy -

Private businesses with individual choice and no government involvement -

Things that motivate -