The Market Economy Vocabulary

There is no private property or profits in this system.

The number of consumers who want it (product or service) is called

Producers battling over who can make the most profit.

Someone who makes goods or offers services.

A system of government where a divine being is the ultimate authority.

Someone who acquires goods & services for his or her own personal use.

Supply and demand are called ____ forces.

The amount of money the consumer is willing to pay for a good.

The economy where the government decides what & how much will be made, and how much it will cost.

The financial gain received by selling something for more than it cost to make.

Government system where one leader has absolute control over citizens' lives.

Government where country is ruled by a king or queen.

Citizens who can vote on laws, or propose laws are in a

A fee charged by a government on income, product, or activity.

The amount of something that is available.

A limited amount of resources available is

The United States is a true market economy.

The process of developing newer, better things is

What type of government is one that citizens hold political power?