Economics Terms

3. what to produce, how to produce, how much to produce, and for whom to produce
6. the quantity of a good or service consumers are willing and able to buy
9. tangible (touchable) things such as food, clothing, cars, MP3 players, and DVDs
11. the amount left over after costs are subtracted from the price
12. cannot be replaced by nature once they are used
15. the quanitity of a good or service offered for sale
17. customs, habits, and beliefs determine how the four basic economic questions are answered
19. the money or property used to produce goods and services
20. food, clothing, shelter
21. the people who produce goods or provide services
22. a limited supply or amount

1. individuals answer the four basic economic questions based on supply and demand
2. nonrenewable, inorganic substances taht were formed by Earth's geological processes
4. the government controls the economy and answers the four basic economic questions
5. can replace themselves over time
7. come from nature
8. the study of the consumption, production, distribution, and exchange of goods and services
10. things that people would like to have to make their lives more comfortable
13. activities people do for a fee
14. occurs when you give up one thing in order to achieve a more desirable outcome
16. the person or business that makes the goods or provides the services
18. a person who purchases a product or service