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WorksheetsPrinc BMF (Cengage Chapter 1 Terms)
Total questions: 22
Worksheet time: 20mins
All the tools, equipment, and machinery used to produce goods or provide services.
want
need
systemmatic decision making
capitol
When demand is higher than the available resources
want
supply and demand
need
scarcity
An economy is which individuals are free to make their own economic decisions, also known as free or market enterprise
market economy
command economy
factors of production
economic system
Actions taken by two or more businesses attempting to attract the same customers.
competition
consumers
customers
capital
An economy in which the government makes all of the decisions for its citizens
consumer
market
command
capitalism
An economic system where the economic resources are privately owned by individuals rather than the government.
profit
supply and demand
factors of production
Capitalism
An economic principle that states the price of a product is determined by the relationship of the supply of the product and the demand for the product
Product
Systematic decision making
Law of Supply and Demand
Market
Organized way in which a nation chooses to use its resources to create goods and services.
Market economy
Economic System
opportunity cost
Command economy
Willingness and ability to start a new business.
Business
Entrepreneurship
economics
capital goods
Work performed by people in organizations, also called human resource
Labor
consumer
Market
wages
Physical item that can be touched.
good
opportunity cost
product
customer
Term for all the activities involved in developing and exchanging products.
Business
customer
Goods
Consumer
Customers who purchase goods and services for their own use
capital
customer
consumer
competition
Which economy is dictated by supply and demand and the buyers and sellers (consumers and producers)?
Market
Socilaism
Mixed
Command
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
Traditional
Market
Command
Mixed
