Economics Unit

Amount of goods/services people & business are willing & able to produce at a specific price.

The amount of goods or services that people are willing & able to buy at a specific price.

The next most attractive alternative to what you decide to do with your $(next-best tradeoff)

The people or buisness that buy goods and services.

The lack of resources to meet all of one's wants and needs.

A reward for taking a risk.

Risk taking people who start and run a business.

The struggle among businesses with similar products to attract customers.

People & buisnesses answer the 3 "economic questions". Private ownership of production.

The government answers the "economic questions" & owns the means of production.

The total final value of goods & services produced in a country in one year.

Is the point where supply and demand meet.

Too many goods are produced relative to demand.

Too few goods are produced relative to demands.

Goods or services you desire because they are shiney!

A market economy lends itself to what type of system of government?

Individuals & the gov answer the "economic questions" Priviate ownership, some gov involvement.

The people or buisnesses that provide goods and services.

The amount of money left over from the sale of goods &/or services after subtracting costs.

Goods and services you must have in order to survive.