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Chapter 1


Command economy Insurance that pays for damage to your car caused by colliding with another car or object
consumer Anyone who buys or using products
demand The quantity of a good or service that consumers are willing and able to buy at various prices during given time period
Economics The study of how economic system work
Equilibrium Price The price at which the quantity supplied exactly equals the quantity demanded of a product
Market Economy Economic system in which the people, rather than the government, own the resources and run the businesses
Mixed Economy An economic system that has characteristics of a market and a command economy
Opportunity Cost The value of your next next best alternative whenever you make a choice
Profit The difference between the money received from selling a product and the cost of producing that product
Scarcity The basic economic problem that consumers' wants are always greater than the resources available to satisfy those wants
Supply The quantity of a product that producers are willing and able to make available for sale at various prices over a given time period
Traditional Economy An economic system in which produced methods are passed from one generation to the next
Created by: pichardoa4