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Market Economy Bogar

Reviews key terms for the market economy

TermDefinition
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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