The point where supply and demand meet

The right to purchase, use, and discard of things of value

Goods and money used in the production of goods and services

Economic system in which the government owns resources

Combines elements of the command and market economies

Goods and services are owned by the people

Businesses that offer the same goods to the same customers

Trade-off is the process of giving up something for gaining something else

Profit is the money left after selling goods and operating costs have been paid

Value of the next best alternative that is forgone to produce or obtain another product

Economic system which freedom to consume and produce goods and services exists

Consumers are the individuals that decide which goods/services will be available for sale

Human resources are people using knowledge and skills at work to produce

Demand is the necessity required for living

Wants are goods and services purchased to add comfort to our life

Needs are necessities required for living

The United States is the second largest producer of goods and services in the world

Factors of production is another term for economic resources

All economic resources have an unlimited supply

Which of the following is most likely a need?

An example of a natural resource is

The basic economic problem is that consumers have too many products to choose from

The decision making process is best to use when you

The first step in the decision-making process involves

In which of the following economies is the government's role greatest?

Individuals and organizations can be producers

If many consumers want a product or service, prices