Economics Unit 1 Review

A maker of a good or provider of services

Natural Resources used in production

A person that buys goods or services

Desires that can be satisfied by consuming good or services

Econ system where decisions about prod. and dist. of goods and services are made exclusively by consumers and producers

Econ system where decisions about prod. and dist. of goods and services are made by a central planning committee

When unlimited wants exceed products of limited resources

All of the resources made and used by people to produce goods and services

Econ system where decisions about prod. and dist. of goods and services are based on customs and religious beliefs

The value of an option not chosen

A basic requirement for survival

Human time, effort, and talent that go into making a product

What is the most basic economic issue for all societies?

Any combination of products that can be produced from a given amount of limited resources

Economic resources combined to produce goods or services

Econ system where decisions about prod and dist of stuff are made by buyers and sellers , with some help by the gov’t

An action or reward that motivates one to act in a certain way

The benefit or satisfaction of using a good or service

In every economic system, what must people choose to do?

The vision, skills, and risk taking need to create and run a business

Objects that can help satisfy wants