Tangible products you can purchase to meet your wants and needs are called goods.

When you decide to buy a jacket instead of a concert ticket, you are making a tradeoff.

Capitalism is another name for a traditional economic system.

Competition forces businesses to search for new ways to satisfy customers' wants and needs.

The market price for a product is the point where demand EXCEEDS supply.

Economists predict future changes in the economy.

The basic economic problem is

An important principle of the U.S. economic system is

If freezing weather damages orange crops in Florida

Water, air, and minerals are examples of

If you decide to purchase a digital copy of your favorite move instead of a pair of jeans, the value of the jeans is the

Resources are owned and controlled by the people of the country is a characteristic of what type of economy?

Workers often use hand tools and readily available resources is a characteristic of what type of economy?

As countries become more developed, they often adopt this economic system

Consumers base their decisions on their own self-interest is a characteristic of what type of economy?