Economic Principles

something that someone does for you, like give you a haircut or fix you dinner or even teach you social studies.

• good

• service

something that you can use or consume, like food or CDs or books or a car or clothes.

• good

• service

An ___________________ is a system for allocating resources to meet people's needs and wants. It determines how goods and services are made and exchanged.

• economy

• ecosystem

• community

What is being shown in the picture?

• goods

• services

A waitress in a restaurant is an example of?

• good

• service

What you 'give up' to choose the other option

• consumer

• opportunity cost

• economics

When there are not enough resources to satisfy our wants/needs

• consumer

• goods

• scarcity

People who buy and use goods/services

• goods

• consumer

• scarcity

government determines what is produced in this type of economy

• command

• mixed

• market

• traditional

This type of economy is based on customs/traditions

• command

• mixed

• market

• traditional