Intro to Business Chapter 1

Activities that are consumed at the same time they are produced

The point where supply and demand are equal

things you use that you can see and touch, also known as products.

All of the labor, ideas, and creativity that is contributed by human beings.

Individuals/organizations that determine what products and services will be available for sale

The quantity of a good or service that consumers are willing and able to buy

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

When you give something up to have something else

A person who buys and uses goods and services

______________ are the means through which goods and services are produced.

The value of next-best choice that you didn’t choose

Combines elements of the command and market economies, almost all of today’s economies are ____

Resources are owned and controlled by the people of the country

The quantity of a good or service that businesses are willing and able to provide

Equipment and money used to create products and services

Not having enough to satisfy every need

Goods and services are produced the way is has always been done

Things that add comfort and pleasure to life.

Resources are owned and controlled by the government

Raw materials supplied by nature

Things that are required to live.