What is the term for: Something people would like to have but are not needed to survive?

What is the term for: Limited amounts of resources to meet unlimited desires?

What is the term for: Objects like cars and clothes?

What is the term for: Actions people do for others?

What is the term for: Occurs when a good or service is unavailable?

What is the term for: Resources used to make goods and services?

What is the term for: Includes natural resources like coal, water, and forests?

What is the term for: Work in which people receive pay?

What is the term for: Human made resource used to produce goods and services?

What is the term for: Objects made by people, like buildings and tools?

What is the term for: Refers to the knowledge and skills people gain from study and experience?

What is the term for: People who put together land, labor, and capital to create businesses?

What is the term for: Chooses one alternative and gives up another?

What is the term for: Using fewer resources than it is capable of doing?

What is the term for: An economic system that is rooted in a culture, location, customs, tradition, and needs rather than being centered around making a profit?

An economy in which most goods and services are produced and distributed through free markets is called a ________.

An economic system where the government, rather than the market, makes key decisions about production and distribution of goods and services is called a ________.

An arrangement that allows buyers and sellers to exchange goods and services is called ________.

A place where businesses acquire the resources they need to produce goods and services, and where households sell or provide those resources, is called a ________.

The marketplace where finished goods or services are sold to consumers and businesses is called a ________.

An economic system in which industries are owned by workers rather than by private businesses is called ________.

A political and economic ideology advocating for a classless society where the means of production are owned communally, with private property nonexistent, is called ________.

The study of behavior and decision making of entire economies is called ________.

The study of economic behavior of individuals, families, and businesses is called ________.

The total value of all final goods and services produced in a year is called ________.

A shared good or service for which it would be inefficient or impractical to make consumers pay individually is called a ________.

The part of the economy which involves the government is called the ________.

The part of the economy that involves transactions of individuals and businesses is called the ________.

The minimum level of income that is needed to support a household is called the _________.

Tax money the government collects and redistributes to people who are in need is called _________.

_________ are direct payments of money.

The law that states a good's price has an important effect on the amount of that good people will buy is called the _________.

The _________ states that as the price of a good rises, people are more likely to substitute alternative goods.

The _________ illustrates the quantities demanded at each price by consumers in the market.

_________ are two goods that are bought and used together (ex: skis and ski boots).

_________ are goods used in place of another (snowboards for skis).

_________ is used to describe the way people respond to price changes.

The amount of money the company receives by selling its goods is called _________.

Fill in the blank: The law that states the higher the price the larger the quantity produced is called the _________

The _________ illustrates the quantity supplied by all producers in a market at different prices.

_________ is a concept that predicts how suppliers react to price changes.

A cost that does not change is called a _________.

A cost that rises or falls depending on the quantity produced is called a _________.

When fixed and variable costs are added together, the result is called _________.

________ is the cost of producing one more unit of a good.

________ is the revenue gained from producing one more unit of a good.

________ is a government payment to support a business or market.

________ are the steps the government takes to control production.

What is my room number? (without getting up and looking)