PBMF Chapter 1

Beliefs and principles you consider important, correct, and desirable are called 

Things you can see and touch are called ____________________

____________________  are resources that can be replaced. 

Economic system where gov't owns major industry but allows for private ownership of businesses

Things you do not need for survival but would like to have are ____________

Things we must have to survive

Economy in which the government makes all the decisions

Raw materials supplied by nature are called 

Goals you expect to achieve in the near future

The initiative to combine natural, human and capital resources is called ______________

Which of the following it not one of the 6 steps in the decision making process

Tools, equipment and buildings used to produce goods and services are called _________________

Economy in which people do things the way they have always been done

____________________  are resources that cannot be replaced.  

Economic system where econ.decisions are based on individuals and businesses in other markets

A ____________ is something you want to achieve. 

tasks that people or machines perform are called _______________

Goals you expect to achieve over a period of several years are _____

When you give up something to get something else is is called 

People who contribute physical and mental energy to the production process are _____________