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11A2 - Market Economy Flash Cards Quiz Flashcards | StudBud

Explore/11A2 - Market Economy Flash Cards Quiz

11A2 - Market Economy Flash Cards Quiz

11 terms·StudBud Administration·58 plays

New Vocab Words for Market Economy

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Questions 11

Answers

1
Demand
to order goods
to ask for something strongly
the ability and need or desire to buy goods and services
to ask for something
2
Opportunity Cost
The cost of what you want.
The cost of what you lose to get what you want.
What you lose to get what you want.
The cost of getting what you want.
3
Competition
Games for people to play against each other
Actions done by others
Actions done by people or companies to compete with others
The opposition
4
Scarcity
Limitless
Limited
A very small supply
The state of being scarce
5
Producer
Something made by someone
Someone who makes something
Someone who buys
A person or company that makes something
6
Economy
to eat more
System of goods and services, produced, sold and bought.
to be careful with how you spend money
to eat less
7
Consumer
A seller
A buyer
A person who buys good and services
Someone who consumes
8
Market Economy
Economic system with competitive prices from non-government.
A free economic system
Government controlled economic system
Economic system that is unregulated
9
Supply
Goods or services
Price for sale
The quantities of goods and services offered for sale
Services bought by people
10
Profit
When the producer gets paid.
Ice cream
After all the costs and expenses are paid.
Cake
11
Command Economy
Goods and services are controlled by industry!
A socialist economic system controlled by government.
Mostly publicly owned economy.
A military parade.