Chapter 1 Vocabulary Question Preview (ID: 43079)
Review Of Key Terms.
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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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