Chapter 1

Question 0

Wants

Answer 0

Things that addcomfort and pleasure to your life

Question 1

Need

Answer 1

Something that is required in order to live

Question 2

Good

Answer 2

Things that you can see and touch

Question 3

Services

Answer 3

Activities provided for the satisfaction of others that are consumed at the same time they are produced

Question 4

Economic resources

Answer 4

Things that are available to be used to produce goods and services

Question 5

Human resources

Answer 5

People who produce goods and services

Question 6

Capital resources

Answer 6

Products and money used in the production of goods and resources

Question 7

scarcity

Answer 7

Not having enough resources to satisfy satisfy every need

Question 8

Economic decision-making

Answer 8

It’s the process of choosing which needs and wants will be satisfied

Question 9

Opportunity cost

Answer 9

The value of the next best best attentive that you were not able to choose

Question 10

Economic system

Answer 10

Message a country uses to answer the three economic questions

Question 11

Command economy

Answer 11

Resources owned and controlled by the government

Question 12

Market economy

Answer 12

Resources are owned and controlled by the people of the country

Question 13

Traditional economy

Answer 13

Goods and services are produced the way it has always been done

Question 14

Mixed economy

Answer 14

Bynes elements of the command and market economy else

Question 15

Capitalism

Answer 15

Private ownership of economic resources by individuals rather than by the government

Question 16

Consumer

Answer 16

Person who buys and uses goods and services

Question 17

Producers

Answer 17

Individual and organizations that determine what products and services will be available for sale

Question 18

Demand

Answer 18

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

Question 19

Market price

Answer 19

Point where supply and demand are equal