Chapter 1 Vocabulary Question Preview (ID: 43079)


Review Of Key Terms. TEACHERS: click here for quick copy question ID numbers.

Process of choosing which needs and wants will be satisfied.
a) capitalism
b) economic decision making
c) traditional spending
d) demand economics

Individuals and organizations that determine what products and services will be available for sale.
a) producers
b) suppliers
c) consumers
d) managers

The method a country uses to answer the three economic questions.
a) command economy
b) capitalism
c) economic system
d) market mix

Things available to be used to produce goods and services.
a) customers
b) employees
c) capital
d) resources

Things that are required in order to live.
a) goods
b) wants
c) needs
d) products

Not having enough resources to satisfy every need.
a) scarcity
b) limited suppliers
c) renewable resources
d) support systems

Quantity of a good or service that businesses are willing and able to provide.
a) economic decision making
b) demand
c) merchandising
d) supply

Person who buys and uses goods and services.
a) producer
b) consumer
c) employee
d) manager

Economy in which resources are owned and controlled by the government.
a) economic system
b) democracy
c) capitalism
d) command economy

Things that you can see and touch.
a) goods
b) supplies
c) resources
d) needs

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