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1

businesses offering very similar products to the same customers

competitors

2

services are intangible - no _____ characteristics

services are intangible - no physical characteristics

3

an economy in which resources are owned and controlled by the government

command economy

4

studies individual relationships between producers and consumers

microeconomics

5

  • an economy in which goods and services are produced the way they have always been produced
  • it is used in countries that are less developed and are not yet participating int he global economy

traditional economy

6

What influences supply?

  • if consumers want product or service
  • if there's a lot of competition
  • price
  • natural disasters

7

What kind of economic system does the US have?

capitalism / market economy

8

an economy in which the resources are owned and controlled by the people of the country

market economy

9

What are the 4 principles that the US economic system is based on?

  1. Private property
  2. Freedom of choice
  3. Profit
  4. Competition

10

the amount of money available to the business after all costs and expenses have been paid

profit

11

How do you figure out profit?

Revenue - Expenses = Profit

12

Most basic needs include food, water, shelter, ______, but also good education, safety and employment.

Most basic needs include food, water, shelter, clothing, but also, good education, safety and employment.

13

people producing goods and services; people who work for a business

human resources

14

A want is a thing that adds ____ and _____ to our lives

a want is a thing that adds pleasure and comfort to our lives

15

What are the 3 economic systems?

  1. command economy
  2. market economy
  3. traditional economy

16

an expert in economics

economist

17

the quantity of a good or service that businesses are willing and able to provide

supply

18

not having enough resources to satisfy every need

scarcity

19

What influences demand?

  • how many consumers want a good or service
  • how many of a similar good or service is being produced

20

products and money used to produce goods and services

capital resources

21

examples of goods

  • food
  • clothing
  • toys
  • furniture
  • toothpaste

22

the quantity of a good or service that consumers are willing and able to buy

demand

23

Services are really ____ satisfied through the efforts of other people

services are really wants satisfied through the efforts of other people

24

the process of choosing which needs and wants will be satisfied

economic decision making

25

economic resources, including natural resources, human resources, and capital resources

factors of production

26

the value of the next best alternative that you were not able to choose

opportunity cost

27

things you can see and touch; they are products you can purchase to meet your wants and needs

goods

28

activities provided for the satisfaction of others that are consumed at the same time they are produced

services

29

A good is a thing you can ____ and touch

a good is a thing you can see and touch

30

someone who takes a risk in starting a business to earn a profit

entrepreneur