Chapter 1 Economic Systems and Decisions

Things that are required in order to live are known as _____.

Things you can see and touch are called _____.

The rivalry among businesses to sell their goods and services is known as _____.

Things that add comfort and pleasure to your life are called _____.

Activities provided for the satisfaction of others and consumed at the time of purchase are called _____.

The money left over from sales after all the costs of operating a business have been paid is called _____.

The limited availability of resources to fulfill human wants is known as _____.

Someone who takes the risk and uses resources in a new way to create a new product or service is called ____.

Who can purchase goods and services?

What is the basic economic problem?