Ch. 1 Review

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

• economic decision making
• needs
• wants
• goods
• services

A person who buys and uses goods and services

• consumer
• needs
• wants
• goods
• services

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

• market economy
• needs
• wants
• goods
• services

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

• services
• needs
• wants
• goods
• economic resources

The point where supply and demand are equal.

• market price
• needs
• wants
• goods
• services

The value of the next-best alternative that you were noble to choose.

• opportunity cost
• needs
• wants
• goods
• services

Things that are required in order to live.

• needs
• wants
• goods
• services
• economic resources

An economy in which goods and services are produced the way they have always been produced. It is used in countries that are less developed and are not yet participating in the global economy.

• traditional economy
• needs
• wants
• goods
• services

The quantity of a good or service that businesses are willing and able to provide.

• supply
• needs
• wants
• goods
• services

What you make when you give something up to have something else.

• trade-off
• needs
• wants
• goods
• services