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Chapter 1 - Economic Decisions and Systems

Horizontales
Activities provided for the satisfaction of others that are consumed at the same time they are produced.
Raw materials supplied by nature
When you give up something to have something else
Things that are required in order to live.
The process of choosing which needs and wants will be satisfied
Things that you can see and touch
The value of the next best alternative that you were not able to choose
The resources are owned and controlled by the government
The people who produce goods and services
Verticales
Refers to the private ownership of economic resources by individuals rather than by the government
Goods and services are produced the way it has always been done
The things available to be used to produce goods and services
The method a country uses to answer the three economic questions
You can own, use or dispose of things of value
The money left from sales after all of the costs of operating a business have been paid
The resources are owned and controlled by the people of the country
The products and money used in the production of goods and services
Not having enough resources to satisfy every need
Combines elements of the command and market economies
Things that add comfort and pleasure to your life