Items a person would like to have but that are not essential to life.

Physical items, such as food and clothing.

Activities that another person usually performs for a fee.

Science that examines how goods and services are produced, sold, and used.

Structure in which limited resources are turned into goods and services to address unlimited needs and wants.

A system in which economic decisions are based on a society’s values, culture, and customs.

A system in which privately owned businesses operate and compete for profits with limited governmental regulation or interference.

Anywhere buyers and sellers meet to exchange goods, services, and money.

An individual or business that provides the supply of goods and services to meet consumer demands.

A system in which a central authority, usually the government, controls economic activities.

A combination of the market and command systems.

The challenge of stretching resources to cover needs and wants is called.

The choice given up when one choice is made over another.

The value of the option that was given up.

The economic resources a nation uses to make goods and supply services for its population.

All of the natural resources of a nation.

Raw material, such as soil, water, minerals, plants, animals, and climate.

Work performed by people who turn resources into products.

Qualities or characteristics that a person has.

A measure of the amount of work a person can do in a specific amount of time.

All the tools, equipment, and machinery that are used to make final products.

The willingness and ability to start a new business.