On organized way in which a nation chooses to use its resources to create goods/services.

One in which economic decisions are based on a society's values, cultures and customs.

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

These are always limited. Individuals, businesses, and government must decide on how to use these.

These are economic resources a nation uses to make goods and services for its population.

The willingness and ability to start new businesses

People who start a new business or purchase and existing business.

What are the three economic problems?

What are the three market forces?

The reason people choose to start of expand their businesses.

Determines the price of goods and services

Action taken by two or more businesses attempting to attract the same customers.

Created when demand is higher than supply

Economic factors that affect price, demand and availability of a good or service.

The work performed by people in an organization.

All tools, equipment and machinery used to produce goods or provide services.

Includes all of a nation's natural resources

When something is given up in order to gain something else.