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11 terms

economics ch. 5

STUDY
PLAY
private property
goods owned by the people or by business
demand
when many people buy a certain good or service
socialism
an economic system where the government provides many programs to all people
communism
an economic system where the government controls the production of the goods and services
market clearning price
the price at which all of a certain good will be sold
demand
when many people buy a certain good or service
competition
when one person tries to outdo another
mixed economy
economic system that is part market economy and part command economy
supply
price people are willing to pay
Adam Smith
created self interest ?
karl marx
created socialism and communism