Term
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Definition
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People have desires that can be satisfied by
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consuming goods and/or services.
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Term
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Definition
| Resources are limited. Scarcity of resources forces people to prioritize wants and decide what goods and services they will seek. |
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Term
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Definition
| When people focus on producing a few things instead of making everything they want by themselves. (better quality and quantity) |
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Term
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Definition
| Any place or system that allows buyers and sellers to exchange goods and services |
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Term
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Definition
| Something that is used to buy and sell resources, goods, or services. Has a standardized value |
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Term
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Definition
| The way a society organizes to produce, distribute, and consume goods and services |
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Term
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Definition
| Economic System in which tradition determines how a society is organized to produce, distribute and consume goods and services. |
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Term
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Definition
| Economic System in which individuals and businesses make most of the major decisions about production and distribution of goods and services |
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Term
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Definition
| Economic system in which a central authority makes most of the major decisions about production and distribution of goods and services. |
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Term
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Definition
| Economic system in which economic decisions are made by individuals, businesses, and government |
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Term
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Definition
| The worth of a good or service that is determined by the total cost of resources that went in to producing the good or service. Price is what a seller and buyer agree on for an exchange. |
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Term
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Definition
| The amount of resource, good, or service sellers are willing to sell at a possible price |
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Term
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Definition
| How much people want of a good or service at a certain price at a certain time. |
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