Chapter 1 Vocabulary

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Things that are required in order to live.

Person who buys and uses goods and services.

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

Not having enough resources to satisfy every need.

Economy in which resources are owned and controlled by the government.

Things available to be used to produce goods and services.

The method a country uses to answer the three economic questions.

Individuals and organizations that determine what products and services will be available for sale.