What is nation’s plan for answering the key economic questions?

Explanation:

economic decision-making

process of choosing which wants among several options will be satisfied

producers

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

economic system

a nation's plan for answering the three economic questions

economic resources

means through which goods and services are produced

needs

things that are required in order to live

scarcity

not having enough resources to satisfy every need

supply

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

consumer

person who buys and uses goods and services

command economy

system in which resources are owned and controlled by the government

goods

things that you can see and touch

capitalism

private ownership of resources by individuals rather than by the government

traditional economy

system in which goods and services are produced the way they have always been done

mixed economy

system that combines elements of the command and market economies

demand

quantity of a good or service that consumers are willing and able to buy

market price

point where supply and demand are equal

wants

things that add comfort and pleasure to your life

services

activities that are consumed at the same time they are produced (things that others do for you)

trade-off

giving up on something to have something else

opportunity cost

value of the alternative you did not choose

market economy

system in which the resources are owned and controlled by the people of the country

economic choices

you can't have everything so you must choose

what are the 6 tips in the economic decision making?

1. define the problem

2. identify your choices

3. evaluate your choices

4. choose one

5. act on your decision

6. review your decision

(DieCar)

unlimited wants

wants that are never-ending and build off each other

what are the three economic resources or also known as factors of production?

a. natural resources

b. human resources

c. capital resources

natural resources

resources that come from the earth, water, or air (oil, ,gold, copper, etc.)

human resources

people who work to produce your goods and services (people in labor)

capital resources

tools, building, equipment that are used to produce them

what is the basic economic problem for businesses and families?

scarcity

competition

a contest among sells to get consumers to buy their product (you)

freedom of choice

buy what you want and where you want

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