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Chapter 1

Costumer

TermDefinition
Command Economy An economic system in which the government owns most resources and makes most economic decisions.
Consumer Anyone who buys or uses products
Demand The quantity of a good or service that consumers are willing and able to buy at various prices during a given time period
Economics The study of how economic systems work
Equilibrium Price The price at which the quantity supplied exactly equals the quantity demanded o fa 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 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's wants are always greater than the resources available to satisfy those wants
Supply Particular characteristics that distinguish one garment from another
Traditional Economy An economic system in which production methods are passed from one generation to the next
Created by: Ortizj41
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