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Economics

Economic Terms

TermDefinition
Demand A consumer's willingness to buy a product.
Supply A producer's willingness to sell a product.
Traditional (barter) Trade of goods and services without using money or any other type of currency.
Free market economy Individual business owners make decisions about prices and production.
Command economy Government owns all of the means of production and gets to make decisions about what is produced and the prices.
What do producers always want? More money for their product.
What do consumers always want? To pay less money for products.
Goods Items that we buy that have physical property. (You can touch it.)
Services Work that is done for people that can be bought and sold.
Surplus When there exists too much of a good or service.
Scarcity When a good or service is in short supply.
Equilibrium When supply matches demand.
Market A place where goods and services are bought and sold.
Substitute good Two goods that could be used for the same purpose.
Complimentary good A good that is usually used in conjunction with another good.
Mixed Economy A combination of the free market and command economy.
Created by: SDemeter
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