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History Quiz 2,2

TermDefinition
Scarcity limited supply or lack of resources
Supply the amount of a good or service that a producer wants to sell
Demand the amount of something that a consumer wants
Capital money and goods used to help people or do things
Entrepreneurship the act of running a business and taking on the risk of that buisness
Market Economy each person or individual make choices about what what to make, sell and buy
Command Economy a central government decides what goods will be made and who will be made and who will receive them
Mixed Economy the government has some control over what and how much is made
Traditional Economy children often do the same work as their parent
Technology using knowledge in a practical way to accomplish a task
Free Market the goal of free trade is a world market where people are free to choose what to buy and sell
Created by: semret.y