Ch 1: Economic Decisions and Systems

The right of private property means you can own, use, or dispose of things of value.

Raw materials supplied by nature are called

The means through which goods and services are produced are called

Which of the following is a consumer

When you give up something to have something else

Things that are intangible and have no physical characteristics are called

Not having enough resources to satisfy every need is called

Things that add comfort and please to your life are called

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

Economic resources are sometimes referred to as factors of _____________.

Unlimited wants and needs and limited economic resources is the basic economic problem.

The United States could be characterized as a mixed economy.

Personal economic freedom is limited in a

The rivalry among businesses to sell their goods and services is called _______________.

The value of the next best alternative that you did not choose is called

Goods and services are produced the way they always have been produced in a

The point at which supply and demand are equal is called the ______________.

Equipment and money used in the production of goods and services are called natural resources.

Your needs and wants never end.

All of the following is a need EXCEPT