Food, clothing, shelter

Book, football, tv

I forgot

Things not needed

They add comfort

Needed for survival

I forgot

Book, football, tv

Food, clothing, shelter

I forgot

something you can touch & hold

Something done for you for a fee

Anything that’s not a need; adds comfort, pleasure & convenience to life

I forgot

Shoes, car, computer

Oil change, plumber, house cleaning

Book, football, tv

I forgot

Something done for you for a fee

A tangible product

Supplied by nature

I forgot

Oil change, plumber, house cleaning

Shoes, car, computer

Trees, soil, water, minerals

I forgot

Natural resources, Human resources, Capital resources, Entrepreneurship

Food resources, building resources, electric resources

I forgot

Supplied by nature

The work that people do

Tools & equipment used to convert natural resources

I forgot

The work that people do

Supplied by nature

Tools & equipment used to convert natural resources

I forgot

Tools & equipment used to convert natural resources

The activity of setting up a business & taking on financial risks

The work that people do

I forgot

The activity of setting up a business & taking on financial risks

Tools & equipment used to convert natural resources

I forgot

Unlimited wants & needs vs. limited resources

This forces everyone to CHOSE!

I forgot

Giving up one thing in order to get something else

The value of the next alternative you did NOT choose

I forgot

The value of the next alternative you did NOT choose

Because nations have to make CHOICES

I forgot

What to produce?, How to produce it?, What needs & wants will be satisfied?

Natural resources, Human resources, Capital resources

I forgot

Command economic system, Market Economic System, Traditional Economic Systems, Mixed Economic Systems

Private property, Freedom of choice, Profit incentive, Competition

I forgot

Private property, Freedom of choice, Profit incentive, Competition, Government ownership & influence

Consumer, Producer, Demand, Supply

I forgot

willingness & ability to buy a product

willingness & ability to sell a product

buys & uses goods & services

makes & sells goods & services

I forgot

willingness & ability to sell a product

willingness & ability to buy a product

makes & sells goods & services

buys & uses goods & services

I forgot

buys & uses goods & services

makes & sells goods & services

willingness & ability to buy a product

willingness & ability to sell a product

I forgot

makes & sells goods & services

buys & uses goods & services

willingness & ability to buy a product

willingness & ability to sell a product

forgot