Ch. 1 Business Fundamentals

System in which goods and services are produced the way they have always been done.

Private ownership of resources by individuals rather than by the government.

Things that add comfort and pleasure to your life.

Values of the alternative you did not choose.

Things that you can see and touch.

Means through which goods and services are produced.

Quality of a good or service that consumers are willing and able to buy.

Not having enough resources to satisfy every need.

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

Quality of a good or service that businesses are willing and able to provide.

Systems that combines elements of the command and market economies.

Individuals & organizations that determine what products & services will be available for sale.

A. Person who buys and uses goods and services.

Point where supply and demand are equal.

System in which the resources are owned and controlled by the people of the country.

Activities that are consumed at the same time they are produced.

Process of choosing which wants among several options, will be satisfied.

System in which resources are owned and controlled by the government.

Things that are required in order to live.

Giving up on something to have something else.