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| A condition resulting from the gap between unlimited wants for goods and services and limited resources. scar |
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| A desire for something that may or may not be required.wan |
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| something required or essential that is lacking.nee |
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| tangible activities that can be manufactured or produced for resale.goo |
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| Intangible activities that are performed by other people for money; productive acts that satisfy economic wants. ser |
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| Any item that is used to accomplish another activity, such as producing/providing goods and services. res |
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| the benefit that is lost when you decide to use scarce resources for one purpose rather than for another.opp |
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| the amount of satisfaction a good or service will provide a customer. val |
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| things that a business want to attain; objectives. Statements that you make telling yourself what you want to achieve. objectives or wants that you plan to fulfill. goa |
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| An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit tradition.trad |
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| A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution. comm |
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| an economic system that depends on honest, healthy competition between businesses.cap |
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| a modified command economic system in which government owns basic means of production and allows private ownership of businesses as well . soci |
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