Choice: A choice is what an individual must make
when faced with two or
more alternative uses of a resource.
Market Economy: A market economy is an economic
system in which supply,
demand, and the price system help people make decisions
Production: Production is the means of creating
goods and services
using productive resources (natural, capital, human, and
entrepreneurship). This can range from a single craftsperson
good from beginning to end to mass production and the
Distribution: Distribution is the way in which
a nation's resources,
goods and services are allocated.
Goods: Goods are objects that can satisfy people's
Services: Services are actions that can satisfy