Capitalism - Private ownership of resources by individuals rather than by the government, Command Economy - System in which resources are owned and controlled by the government, Consumer - Person who buys and uses goods and services, Demand - Quantity of a good or service that consumers are willing and able to buy, Economic Decision-making - Process of choosing which wants, among several options will be satisfied, Economic Resources - Means through which goods and services are produced, Economic Systems - A nation’s plan for answering the three economic questions, Goods - Things that you can see and touch, Market Economy - System in which the resources are owned and, Market Price - Point where supply and demand are equal, Mixed Economy - System that combines elements of the command and market economies, Needs - Things that are required in order to live, Opportunity Cost - Value of the alternative you did not choose, Producers - Individuals and organizations that determine what products and services will be available for sale, Scarcity - Not having enough resources to satisfy every need, Services - Activities that are consumed at the same time they are produced, Supply - Quantity of a good or service that businesses are willing and able to provide, Tradeoff - Giving up something to have something else, Traditional Economy - System in which goods and services are produced the way it has always been done, Wants - Things that add comfort and pleasure to your life,

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