Resources are unlimited.

Within reason, needs and wants are limited.

Goods are considered to be __________ and services are __________.

The decision-making process is best to use when...

John has two hours before his part-time job. He has to either study for a maths test or taking a nap. If John takes a nap, the opportunity cost is....

During the decision-making process and your choice is made you must next

Scarcity can be defined as

Opportunity cost can be defined as

If I am a self-employed and I decide to take a day off to go hunting my opportunity cost would be

Which of the following economic systems is the governments role most limited

The primary reason business owners make investments and take risks to

The money left over after paying all expenses is called profit.

Competition helps lower prices

In a __________ economy, the government controls everything.

The three economic questions that every type of economy is: What goods and services are to be produced; How will goods and services be produced; and

Supply is the quantity of a good or a service that a consumer is willing and able to buy at a particular price.

As competition increases, prices usually

A consumer is a person who buys goods and services.

Market price is where supply equals demand

In a market economy, demand is set by

The economy of the U.S. is best describes as a market economy and is also known as

Needs can be defined as things you require to

The economic system that has the greatest freedom of choice is the market economy and is generally found in democratic societies

An example of a natural resource is

The decision making process is likened to