The condition that results from society not having enough resources to produce all the things people would like to have.

Food, Shelter, Clothing are examples of...

Mansion, Benz, and Baby Phat jeans are examples of...

The money used to buy the tools and equipment used in production.

What are the Factors of Production?

A bulldozer is an example of what?

An item that is economically useful or satisfies an economic want

Haircuts, home repairs, and forms of entertainment are examples of...

Diamonds vs Water is an example of....

What is the most important thing that needs to happen during economic growth?

 A market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.

The capacity to be useful and provide satisfaction.

The first thing that people face when they make an economic decision.

What is it called when a person gives up going to college to obtain a degree by going to the NBA?

A characteristic of capitalism when people and organizatons may improve their material well being by making money.

Henry Ford's introduction of the assembly lineinto autombile manufacturing is an example of...

An organized way of providing for the wants and needs of their people

What are the three types of economies?

 _{This is a word that describes the American Economy. It is where competition is allowed to flourish with a minimum of government interference.}

The characteristic of capitalism where buyers and sellers engage freely and willingly in market transactions.

Name the seven major economic and social goals

Accumulation of those products that are tangible, scarce,useful,and transferable from one person to another.

The quality of life based on the necessities and luxaries that make life easier.

Characteristic of capitalism where producers and sellers compete with one another to attract consumers, while lowering cost. Consumers compete with one another to obtain the best products at the lowest prices.

The first step in the Circular Flow of Economic Activity

This is expressed as " The customer is always right."

The study of how people try to satsfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources.