2.01 Economic Systems Terms 1

The initiative to improve goods and services or create new ones.

Which term best describes this definition?

What type of business is Wal-Mart?

Making choices and satisfying the wants and needs of consumer. Economics studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of scarce resources .

What term best describe this definition?

The condition that exists when wants exceed resources available to satisfy wants.

Which terms best describes the definition above?

“Gifts of nature” that are present without human intervention (ex. land)

Goods produced and used to make other goods and services.

Which terms best describes the definition above?

The knowledge, efforts, and skills people bring to their work, also known as labor.

Which term best describes this definition?

Making choices and satisfying the wants and needs of consumer. Economics studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of scarce resources .

What terms best describe this definition?

The United States of America operates a Mixed Economy, which meets the its citizens basic ______________.

This type of economy is found in rural, under-developed countries, where men and women have set defined roles. Which economic system fits this description?