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Market Economy

QuestionAnswer
consumer someone who buys things
producer someone who makes things or provides a service
market economy producers are free to decide what to produce, and consumers are free to buy whatever they need and want.
market a place to buy and sell things
profit the financial gain received by selling something for more than it costs
incentive the motivation to do something
competition producers battle over who can make the most profit
innovation the process of developing newer and better things
supply the amount of something that is available
demand the willingness and ability to buy something
opportunity cost the thing you give up when making a choice
scarcity the condition of unlimited wants versus limited resources
command economy an economy where the government makes all of the economic decisions
traditional economy an economy that exists mainly in primitive cultures where people follow the methods and traditions their ancestors have always used
Created by: markleyj
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