Scarcity - Unlimited needs with limited resources, Command Economy - Government answers three economic questions, Free Economy - Resources are owned by individuals than the government, Mixed Economy - Some goods are provided by the government and some by private enterprise, Private Economy - Independent decisions by businesses and consumers, Profit Motive - The use of resources to obtain the greatest profit, Value - An individual view of the worth of a product or service, Consumers - Individuals who purchase products and services to satisfy needs, Demand - A relationship between the quantity of a product consumers are willing to buy, Producers - Businesses that use their resources to develop products and services, Supply - A relationship between the quantity of a product that producers are willing to provide, Macroeconomics - The study of economic behavior in the economy, Microeconomics - The relationships between individual consumers and producers, Opportunity Cost - The choice you make reflects the decision, Demand Curve - The relationship between price and the quantity demanded, Law of Demand - If the price of a product is increased, less will be demanded., Economic Market - Consumers who will purchase a particular product or service, Economic Resources - Businesses use the resources available to develop products and services, Supply Curve - The graph of the relationship between price and quantity supplied, Law of Supply - The price goes down and fewer will be manufactured, Market Price - The point where supply and demand are for a product, Pure Competition - If suppliers are unable to offer products that customers view as unique. In that case, suppliers must be able to accept the prices that the consumer is willing to pay or they will buy from another business., Monopoly - A market in which one supplier offers a unique product., Monopolistic Comp - Firms that compete with products that are somewhat different., Oligopoly - Only some businesses offer very similar products or services.,

3.2 & 3.3 Key Terms

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