Chapter 1: Economic Decisions and Systems

Things that are required in order to live

Things available to be used to produce goods and services

The method a country uses to answer the three economic questions

Process of choosing which needs and wants will be satisfied

Not having enough resources to satisfy every need

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

Person who buys and uses goods and services

Economy in which resources are owned and controlled by the government

Private ownership of resources by individuals rather than by the government

Point where supply and demand are equal