Economic Choices and Systems

6. decision-making/Process of choosing which needs or wants will be satisfied
8. resources/The initiative to combine natural, human, and capital resources
11. resources/Raw materials supplied by nature
12. price/The point where supply and demand are equal
14. economy/Economic system in which decisions are based on customs and centered on family
17. and organizations that determine which goods and services will be available for consumption
18. enterprise/Economic system which freedom to consume and produce goods and services exists
20. resources/Goods and money used in the production of goods and services
21. of giving up something for gaining something else
23. economy/Combines elements of the command and market economies
25. and uses the goods and services

1. property/Right to purchase, use, and discard of things of value
2. of choice/Opportunity to make choices of goods and services and accept consequences of decisions
3. economy/Economics system in which the government owns resources and dictates what is produced
4. resources/People using efforts, knowledge, and skills at work to produce goods and services
5. required for living
7. that offer the same goods to the same customers
9. economy/Goods and services are owned and controlled by the people
10. that can be consumed at the time of purchase to satisfy needs and wants
13. that are purchased to add comfort or pleasure to life
15. that exists when wants or needs exceed resources available
16. left after selling goods and services and costs of operating a business have been paid
19. of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants
22. cost/Value of the next-best alternative that is forgone to produce or obtain another product
24. that can be purchased to satisfy needs and wants