Economic Choices and Systems

3. resources/The initiative to combine natural, human, and capital resources
5. left after selling goods and services and costs of operating a business have been paid
6. economy/Goods and services are owned and controlled by the people
8. property/Right to purchase, use, and discard of things of value
9. of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants
11. decision-making/Process of choosing which needs or wants will be satisfied
12. and organizations that determine which goods and services will be available for consumption
15. economy/Combines elements of the command and market economies
16. that can be consumed at the time of purchase to satisfy needs and wants
19. price/The point where supply and demand are equal
20. cost/Value of the next-best alternative that is forgone to produce or obtain another product
22. of giving up something for gaining something else
23. resources/People using efforts, knowledge, and skills at work to produce goods and services
25. that can be purchased to satisfy needs and wants

1. that offer the same goods to the same customers
2. enterprise/Economic system which freedom to consume and produce goods and services exists
4. of choice/Opportunity to make choices of goods and services and accept consequences of decisions
7. required for living
10. that exists when wants or needs exceed resources available
13. that are purchased to add comfort or pleasure to life
14. and uses the goods and services
17. economy/Economics system in which the government owns resources and dictates what is produced
18. economy/Economic system in which decisions are based on customs and centered on family
21. resources/Goods and money used in the production of goods and services
24. resources/Raw materials supplied by nature