Scarcity - Unlimited wants and needs combined with limited resources, Command Economy - The government answers three economic questions, Free Economy - Resources are owned by individuals rather than the government, Mixed Economy - Some goods and services are provided by the government and some by private enterprise, Private Economy - Based on independent decisions by businesses and consumers with only a limited government role regulating those relationships, Profit motive - Refers to 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 their needs, Demand - A relationship between the quantity of a product consumers are willing and able to buy and the price, Producers - Businesses that use their resources to develop products and services, Supply - A relationship between the quantity of a product that producers are willing and able to provide and the price, Macroeconomics - Study of the economic behavior in the economy, Microeconomics - Examines the relationships between individual consumers and producers, Opportunity Costs - The choice you make reflects the decision, Demand Curve - The relationship between price and the quantity demanded is often illustrated in a graph, Law of Demand - If the price of a product is increased, less will be demanded. If the price of a product is decreased, more 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 - Suppose 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., Oligopoly - Only some businesses offer very similar products or services., Monopolistic Competition - Many firms are competing with products that are somewhat different., Economic Utility - The amount of satisfaction a consumer receives from the consumption of a particular product or service., Integrated - It is involved in all important business decisions and considered an essential part of the business., Market Opportunities - Includes new markets as well as ways to improve a company's offerings in current markets.,

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