Economics Review

Front

What is the term for a system in which people make, exchange, and use things that have value and that meets their needs and wants?

Back

Economy

Front

What do you call anything that can be found in nature that can be used by living things?

Back

Natural Resources

Front

A ______ economy is a mix of a command economy and a market economy. Most countries, including the U.S., have this type of economy.

Back

Mixed

Front

What is something that you must have to survive?

Back

Need

Front

Who are the owners and workers in an economy called?

Back

Producers

Front

What is the term for the people who buy goods and services?

Back

Consumers

Front

What do we call the resources that are made by humans to produce goods and services?

Back

Capital Goods

Front

What is the term for the desire for a good or service that is backed by the ability to pay for it?

Back

Demand

Front

What do we call the amount of a good or service that producers are willing to sell at a given price?

Back

Supply

Front

What is the term for the cost of the next best alternative that is given up when making a choice?

Back

Opportunity Cost