Economics Review PBM

Activities that are consumed at the same time they are produced - intangible

The combination of unlimited needs and wants with limited resources results in:

Anything in its natural state – oil, natural gas, coal, trees.

Private Enterprise, also referred to as Free Enterprise, is also known as:

The employees of the business.

People have unlimited wants and needs, but economic resources are limited, this results in:

People who produce goods and services

The government answers the three economic questions in this type of economy

All of these things you can see and touch - tangible items

The point at which the quantity demanded and the quantity supplied meet.

All economies in the world are really:

Money left over after paying expenses

Based on independent decisions by businesses and consumers with limited government regulation.

Money, tools, and equipment needed for production of products or services.

Things required in order to survive

Organizations that determine what products will be produced for sale

The way a nation decides to allocate its limited resources.

The basic economic problem

Things that add comfort and pleasure to your life

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

Natural resources that can be reproduced

Competition encourages businesses to product better products at lower prices.

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

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

Rivalry among businesses to sell goods and services