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1. Command Economy- An economy in which most economic issues of production and distribution are resolved through central planning and control. 2. Consumer- People who use goods and services to satisfy their personal needs. 3. Market Economy- An economy that relies on a system of market prices to allocate (distribute) goods and services based on an individuals choice. 4. Producers- People and firms that use resources to make goods and services. 5. Resources- used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital. 6. Scarcity- human wants are unlimited; resources are limited. 1. Allocation- An amount or portion of a resource assigned to a particular recipient. 2. Command Economy- An economy in which most economic issues of production and distribution are resolved through central planning and control. 3. Consumer- People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services. 4. Consumer Sovereignty- The notion that consumers are "king" of the economy because they're the ones who will ultimately determine what goods are produced and how our limited resources are used. 5. Market Economy- An economy that relies on a system of interdependent market prices to allocate goods, services, and productive resources and to coordinate the diverse plans of consumers and producers, all of them pursuing their own self-interest. 6. Producers- People and firms that use resources to make goods and services. 7. Resources- The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital. 8. Scarcity- The condition that exists because human wants exceed the capacity of available resources to satisfy those wants; also a situation in which a resource has more than one valuable use. The problem of scarcity faces all individuals and organizations, including firms and government agencies. 1. Economic Efficiency- means not wasting scarce resources by producing goods people want most. 2. Economic Equity- fairness in economic dealings. Providing everyone with equal economic opportunities and outcomes. 3. Economic Freedom- freedoms for consumers to decide where to work and how to spend/save their incomes. 4. Economic Growth- increasing the production of goods and services overtime. 5. Economic Stability- refers to stable prices and full employment. 1. Income - Payments earned by households; may include salaries, wages, and interest. 2. Interest - Money paid regularly, at a particular rate (percentage), for the use of borrowed money. 3. Investing - The process of putting money someplace with the intention of making a financial gain. EX. Stock Market 4. Savings - Money set aside for a future use that is held in easily-accessed accounts, such as savings accounts. 1. Incentives- Any reward or benefit, such as money, advantage or good feeling, that motivates people to do something. 2. Opportunity Cost- The second-best alternative that must be given up when you choose to do something else. 3. Voluntary Exchange- Trading goods and services with other people because both parties expect to benefit from the trade. 4. Scarcity- human wants are unlimited; resources are limited. 5. Allocation- An amount or portion of a resource assigned to a particular recipient. 1. P.A.C.E.D.- The steps that an individual must take to make an informed decision using the 5-step decision-making model. 2. Five-Step Decision-Making Process- a strategy that allows individuals to consider all possible alternatives so that they can make an informed decision. 3. Criteria- A principle or standard by which an alternative may be judged or decided. 4. Goals- Something a person or organization plans to achieve in the future; an aim or desired result. 5. Handy Dandy Guide- A resource that explains the principles that make up the economic way of thinking. 1. Equilibrium- the point where supply equals demand for a product; Where the hypothetical supply and demand curves intersect. 2. Supply- The amount of a good or service that producers are willing to offer for sale at each possible price. 3. Demand- The quantity of a good or service that buyers are willing and able to buy at all possible prices. 4. Quantity Supplied- The amount of a good or service sellers are willing to offer at a given price. 5. Quantity Demanded- The amount of a good or service people will buy at a given price. 6. Price- The amount of money that people pay when they buy a good or service 7. Law of Supply- Law that states producers will supply more of a good or service at higher price and less at a lower price. 8. Law of Demand- Law that states consumers will buy more of a good or service at a lower price, and less at a higher price.