An economy based on private ownership of business and consumers freely choose goods and services.

Human-made materials used to produce goods and services.

An economy where the government controls the factors of production resources.

buys and uses goods and services

The number of consumers who want and able to buy a good or service.

how resources are used to meet peoples wants and needs

a person who has the ideas and skills to start a business

what is needed to make goods and provide services

The value of all the goods and services that a country produces in a year.

Items for sale that can be touched.

talents and skills of human beings

material from Earth needed to make goods and services

things that people must have in order to survive

the value of the second-best choice that is given up when a decision is made

someone who makes goods and services

the amount of money a business makes after its expenses are paid

Many individuals desiring something that has limited availability

work done for someone else in exchange for payment

when a country becomes skilled at producing one good or service

things that people would like to have but can live without