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Basic Econ Systems
6th Chapter 6 Vocab
| Term | Definition |
|---|---|
| innovation | a new or improved method, idea or product |
| private ownership | property, businesses, and resources belongs to individual citizens |
| services | actions producers make for consumers |
| consumers | people who buy and use goods and services |
| traditional economy | economic system based on traditional customs and values |
| mixed economy | economic system with elements of both market and command economies |
| command economy | economic system based on government control and regulations |
| competition | a situation where multiple people or organizations try to outperform each other |
| market economy | economic system based on supply and demand |
| scarcity | the inability to meet all wants due to limited resources |
| producers | people who make and sell goods and services |
| public servies | things government does or provides for its citizens |
| supply | how much of a good or service is available or that is produced at a certain price |
| goods | things producers make for consumers |
| demand | how much of a good or service that consumers want to buy at a certain price |
Created by:
heatherkirk1978
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