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Econ Terms Informal

"in my own words" definitions to our Economic Vocab. Terms

Economic Wants Something that can be satisfied by buying something from our economy.
Economic Resources The things used to make a product.
Scarcity When something can run out; there's not an neverending supply of it.
Specialization When you focus on doing one thing in particular & become an expert on that one thing.
Interdependence When you rely on other people or companies to help provide you with what you need to produce your own good or service.
Market or marketplace Where anyone can buy or sell a good or service.
money or currency What is used to actually buy and sell a product.
economic system or the economy The particular way a country sets up their way for making, distributing, and purchasing goods and services. There are different ways that countries organize themselves.
Traditional Economy When customs and culture dictate the way things go in an economy.
Market Economy When regular people and companies make most of the decisions about the way things go in an economy.
Command Economy When the government makes most of the decisions about what happens in the economy.
Mixed Economy When customers, businesses, and the government all 3 make the economic decisions.
Value How much something is worth.
Price The cost of a good or service.
Supply How much of a product you have available to sell.
Demand How much people actually want a product.
Created by: sarada