15 terms

Economic Terms

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economic wants
The desire for scarce material goods and services.
economic resources
The means through which goods and services are produced
scarcity
A situation in which unlimited wants exceed the limited resources available to fulfill those wants
specialization
A focus on a particular activity or area of study
interdependence
Everything is connected to one another
marketplace
Anywhere goods and services exchange hands
currency
Coins and paper bills used as money
traditional economy
Economic system that relies on habit, custom or ritual to decide questions of production and consumption of goods and services
market economy
Economic decisions are made by individuals or the open market.
command economy
An economic system in which the government controls a country's economy.
mixed economy
An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.
value
A customer's subjective assessment of benefits relative to costs in determining the worth of a product
price
An amount usually expressed in terms of money paid for property.
supply
A stock of a resource from which a person or place can be provided with the necessary amount of that resource.
demand
Consumer willingness and ability to buy products

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