IB - Ch. 1 Review (Economic Decisions and Systems)

_______ are things that you can see and touch.

_______ are activities provided that are consumed at the same time they are produced.

_______ means NOT having enough resources to satisfy every need.

____ is the quantity of a good or service that consumers are willing and able to buy.

The opportunity cost is the value of the next-best alternative that you were not able to choose

A ____ is a person who buys and uses goods and services.

Economic resources are the things available to be used to produce goods and services.

Economic resources are also known as factors of production.

Needs are things that are required in order to live.

The market price is the point where supply and demand are equal.

_refers to the private ownership of economic resources by individuals, rather than by the govt.

_____ is the quantity of a good or service that businesses are willing and able to provide.

The three types of economic resources are:

Which economy has the resources owned and controlled by the government?

Wants are things that add comfort and pleasure to your life.