Things that come from nature used to produce goods and other services.

The using of goods and services

The tools, man-made objects or money used in the production of goods and services

What is given up when a choice is made. The highest valued alternative not chosen.

The people that make or sell goods or provide services.

The ability to create and manage a business. A willingness to take risks to make money.

The combining of human, natural, capital resources and entrepreneurship to make goods or provide services.

Factors of production that are used in the making of goods and services

Selection of an item or action from a set of possible alternatives.

Select the 4 factors of production, or resources

Mason loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

Arshae is an accountant in a government run business where she was placed after graduation.

Georgia runs a car dealership selling only government produced cars. At the end of the month Georgia must give all of the money she made back to the government.

Nasir owns a shoe store. At the end of the month Nasir decides what to do with his profits.

Krishanda works in a private company that has to follow government rules for public safety.

There are four types of economic systems. Most economies are _____.

the amount of a good or service that producers are willing and able to SELL at a certain price.

the amount of a good or service that consumers are willing and able to BUY at a certain price (how bad do they want it?)

Select the type of economy the United States has-

Which factor is the cause to the effect?

A market exists whenever buyers and sellers exchange ___________ and ________________.

Choose 2 answers.

Markets are generally allowed to operate with limited interference from the government. Prices are determined by supply and demand as buyers and sellers interact in a marketplace.

Individuals and businesses have the right to own personal property as well as the means of production without undue interference from the government. The government provides a structure to define and enforce such property rights.

Consumers determine what goods and services will be produced through purchases. Producers will only supply what the consumers demand.

Rivalry between producers/ sellers of a good or service results in better quality goods and services at a lower price.

Consists of private earnings after all expenses have been paid and drives all decisions. Individuals have the opportunity to create a business and earn profit.

Interaction of supply and demand determines the ____________.

________________ is the amount of a good or service that consumers are willing and able to buy at a certain price.

________________ is the amount of a good or service that producers are willing and able to sell at a certain price.

Which is an example of a proprietorship-

What does the sum of these two equal?

When supply is high and demand is low, the price of an item will-