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Chapter 1

Vocab #2

TermDefinition
Mixed economy an economy which combines command and market economies
Capitalism private ownership of resources by individuals rather than the government
Consumer person who buys and uses goods and services
Producer individuals and organizations that determine what products and services will be available for sale
Demand quantity of goods or services that consumers are willing and able to buy
Supply quantity of goods or services that businesses are willing and able to provide
Competition rivalry among businesses to sell their goods and services
Entrepreneur risk taker who uses a new way to create a product or service
Scarcity not having enough resources to satisfy every need
Profit money left over from sales after all costs are paid
Natural Resource raw materials supplied by nature
Capital Resource the products and money used to produce goods and services
Market Price the point where supply and demand are equal
Created by: Lisawolf
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