| Term | Definition |
|---|
| opportunity cost | is the value |
| economic system | a nations plan for answering the 3 economic questions |
| command economy | the resources are owned and controlled by the government |
| market economy | the resources are owned and conttrolled by the peopleof the country |
| traditional economy | goods and services are produceed the way it has always been done |
| mixed economy | combines elements of the command and marketeconomies |
| capitalism | the rivalry among businesses to sell their goods and services |
| consumer | is a person who buys and uses goods and services |
| porducers | are individuals and organizations that determine what products and services will be available for sale |
| demand | is the quantity of a good or service that comsumers are willing and able to buy |
| supply | refers to quantity of a good and service that businesses are willing and able to provide |
| market price | is the point where supply and demand are equal |
Combine with other sets
Share on Facebook
Share on MySpace