Economic Fundamentals Davison

What are the Three Factors of Production?

A system for producing and distributing goods and services to fulfill people's wants is...

What is the Third economic decision all economies have to make?

What is anything produced in an economy that is used to produce other goods and services?

Which economic system relies on competition and profit?

Most people are both consumers and what?

What value is the cornerstore of the American economic system?

Food and shelter are peoples most basic wants.

In what economy does the government or central authority make basic economic decisions?

The amount you must pay for a good or service is called...

What are the resources for producing goods and services to satisfy people's wants called?

What economy has basic decisions made according to custom?

What is the second economic decicion all economies have to make?

How much of something is called what?

What economy has private individuals make their own decisions about production, distribution, and comsumption?

What is the practical application of science to commerce or industry?

Who makes the first economic decision in our country?

A person who uses goods and services is called a...

When resources are always limited compared with the number and variety of wants people have it is called what?

A market is a place where people exchange goods or services

An economy that relies on customs, history, and time-honored believes is a...

What influences how a society decides to make goods and services

What is the process of buying or using of goods and services?

Most countries have what type of economic system?

An economy where supply and demand regulate the economy, rather than government intervention is a...

an economy whete the central government plans, organizes, and controls all economic activities is a...

What is the difference between what it costs to produce something and the price the buyer pays?

What is the first economic decicion all economies have to make?

Anything accepted as payment is called...

How has technology affected the economy of the U.S.?

What is the benefit given up when scarce resources are used for one purpose instead of another?

What is money to help a business get started?

What is not a freedom we have in our system?

Where do buyers and sellers meet face to face?

What is the process by which goods and services are made available to the people who want them?

What do all economies have to do?

Which economy is a combination of the three basic systems?

What term for market systems gives people in a market economy freedom to do economic activities with little gov. control