Types of Economies

a person who buys goods and services

the price set for g/s in the marketplace, where demand and supply are balanced

a person or business that provides goods and services

the basic problem faced by people and nations alike is ________

situation in which the supply of the good/service available is less than the demand for it

the amount of a good/service that producers are willing and able to see over a range of prices

The US economy is called a 

efforts by different businesses to sell the same good or service

location or arrangement that allows buyers/sellers to get together and buy/sell certain product

a market economy that has elements of command and traditional 

econ. system in which economic decisions are based on customs or habits

econ. system in which individuals and businesses.own all resources, make economic decisions

econ. system in which the gov't makes the major economic decisions 

situation in which the amount of a good/service supplied by producers is greater than demanded

the amount of a good or a service consumers are willing/able to buy