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business essentials

ch.1

TermDefinition
needs things required to live
wants things that add comfort to your life
goods things you can see and touch
services activities that are consumed the same time they are produced
economic resources means through with goods and services are produced
factors of production economic resources
natural resources raw materials supplied by nature
human resources people who produce goods and services
entrepreneur use resources in a new way to make a new product
capital resources products and money used in production of goods and services
basic economic problem mismatch of unlimited wants and needs
scarcity not having enough resources to satisfy every need
choices decisions among the alternatives
economic decision making process of choosing which wants among several options
trade off giving up something to have something else
economic system nations plan for answering the three economic questions
command economy resources are owned and controlled by government
market economy resources owned and controlled by people
marketplace anywhere that goods and services trade hands
traditional economy goods and services are produced the way it has always been done
mixed economy combines elements of the command and market economies
communism a command economic system
capitalism private ownership of resources
private property can own use or depose things of value
freedom of choice can make independent decisions
profit money left from sales after everything has been paid
competition rivalry among busnesses
demand quantity of a good or service someone is willing to buy
supply quantity of a good or service a buisness is willing to supply
competitors buisnesses offering similar products as others
market price were supply and demand are equal
Created by: kailynnjantz
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