POB Unit 2.1

3. Process of choosing which needs or wants will be satisfied
4. Economic system in which decisions are based on customs and centered on family
5. Right to purchase, use, and discard of things of value
8. Raw materials supplied by nature
10. Money left after selling goods and services and costs of operating a business have been paid
12. Individuals and organizations that determine which goods and services will be available for consumption
14. Means from which goods and services are produced
15. Businesses that offer the same goods to the same customers
18. Goods and money used in the production of goods and services
20. Opportunity to make choices of goods and services and accept consequences of decisions
23. Items purchased to satisfy needs and wants
24. economy Combines elements of the command and market economies
25. Study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants
26. Condition that exists when wants or needs exceed resources available

1. The point where supply and demand are equal.
2. Necessities required for living
3. The initiative to combine natural, human, and capital resources
6. Economic system which freedom to consume and produce goods and services exists
7. Goods and services are owned and controlled by the people
9. Process of giving up something for gaining something else
11. Economics system in which the government owns resources and dictates what is produced
13. Buys and uses the goods and services
16. Goods that are purchased to add comfort or pleasure to life
17. Value of the next-best alternative that is forgone to produce or obtain another product
19. Activities that can be consumed at the time of purchase to satisfy needs and wants
21. Anywhere goods and services exchange hands
22. People using efforts, knowledge, and skills at work to produce goods and services