Types of Economies

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

efforts by different businesses to sell the same good or service

a person or business that provides goods and services

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

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

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

a market economy that has elements of command and traditional 

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

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 

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

a person who buys goods and services