Intro to Business

The private ownership of economic resources by individuals rather than by the Government.

• Consumer

• Capitalism

• Demand

• Economic System

An Economy in which resources are owned and controlled by the Government.

• Economic System

• Command Economy

• Market Economy

• Market Price

A person who buys and uses goods and services.

• Wants

• Trade-off

• Consumer

• Market Economy

The quantity of a good or service that consumers are willing and able to buy.

• Economic System

• Market Price

• Demand

• Needs

The process of choosing which needs and wants will be satisfied.

• Economic Decision Making

• Goods

• Command Economy

• Demand

Things available to be used to produce goods and services.

• Capitalism

• Economic Resources

• Mixed Economy

• Demand

The method a country uses to answer the three Economic questions.

• Needs

• Goods

• Supply

• Economic System

Things you can see or touch.

• Goods

• Opportunity Cost

• Producers

• Needs

An Economy in which the resources are owned and controlled by the people of the country.

• Producers

• Mixed Economy

• Market Economy

• Supply

The point where supply and demand are equal.

• Market Price

• Trade-off

• Services

• Scarcity