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Market Economy Bogar
Reviews key terms for the market economy
| Term | Definition |
|---|---|
| economy | the way goods and services are produced and consumed |
| consumer | someone who buys and uses goods and services |
| producer | someone who makes goods or offers services |
| market economy | producers can produce what they want and consumers can buy what they need WITOUT gov't interference |
| profit | financial gain from selling something for more than it cost to make |
| incentive | a motivator; reason to do something |
| competition | similar producers battling over who can make the most profit |
| innovation | process of developing newer, better things |
| supply | the amount of goods or services that are available |
| demand | the number of consumers who want a good or service |
| opportunity cost | the benefit of choosing to do one thing over another |
| scarcity | the limited amount of resources available |
| market | all the buy and selling that takes place in the world |
Created by:
tbogar47
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