Economic Vocab

Economy where suppliers and consumers control the production, allocation, and prices of items

The quantity of goods and services consumers are willing to buy at a specific price and time

How people satisfy their demands for goods and services when the supply of is limited. 

An inventive that encourages entrepreneurs to take business risks

A system that blends elements of the command and market economies.

People are free to become entrepreneurs and own their own business in this system

The quantity of goods and services a business is willing to sell at a specific price and time

An economy where the government controls the production, allocation, and prices of items