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History 2,2 Quiz

TermDefinition
Scarcity the lack of resources or limited resources
Supply the amount of goods or services
Demand the amount a consumer wants to buy
Capital money and goods used to help people make or do thinks
Entrepreneurship the act of running a business and taking on the risks of that business
Market Economy each person or individual make choices about what make, sell, or buy
Command Economy a central government decides what goods will be made and who will receive them.
Mixed Economy the government has some control over what and how much is made
Traditional Economy is based on a custom
Technology is using knowledge in a practical way to accomplish a task
Free Market when individuals have control over what he or she buys or sells.
Created by: dontae.s