not having enough resources to satisfy every need (surplus or scarcity)
scarcity
15
activities provided for the satisfaction of others that are consumed at the same time they are produced (goods or services)
services
15
things you can see and touch; they are products you can purchase to meet your wants and needs (goods or services)
goods
15
someone who takes a risk in starting a business to earn a profit (consumer or entrepreneur)
entrepreneur
15
the quantity of a good or service that consumers are willing and able to buy (supply or demand)
demand
15
the quantity of a good or service that businesses are willing and able to provide (supply or demand)
supply
15
an economy in which resources are owned and controlled by the government (traditional, command, market, or mixed)
command
15
an economy that combines elements of the command and market economies (traditional, command, market, or mixed)
mixed
15
an economy in which goods and services are produced the way they have always been produced; used in countries that are less developed and are not yet participating in the global economy (traditional, command, market, or mixed)
traditional
15
an economy in which most resources are owned and controlled by individuals; there is a large variety of goods and services are available and there is little government regulation (traditional, command, market, or mixed)
market
15
the rivalry among businesses to sell their goods and services (competition or resources)
competition
15
an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)
supply and demand
15
A natural resource that is not replaced in a useful time frame (renewable resource or nonrenewable resource)
nonrenewable resource
15
Any natural resource (as wood or solar energy) that can be replenished naturally with the passage of time (renewable resource or nonrenewable resource)
renewable
15
a tax on a sale of merchandise or services (sales tax or income tax)
sales tax
15
a tax based on real estate and other property (income tax or property tax)
