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Chapter 1

Our Market Economy

TermDefinition
Consumers Or people who buy goods and services.
Demand Desire to buy a particular thing or service.
Supply The amount of goods or services that are available.
Free Market Economy In this economic system people, not the government, own the factories, businesses, and stores that make, sell, and distribute goods or services.
Competition The struggle among producers for the money consumers spend.
Scarcity Means that there is a limit to what we can have.
Opportunity cost The thing you have to give up to get the thing you want.
Bank account You might think that a bank saves each dollar you give it in a special place.
Interest In exchange for using your money, the bank pays you interest.
Credit Card A card that allows its holder to use it for small loans.
Trade Agreement These agreements make it easy for businesses to import or export goods to and from these countries.
Import Bring in.
Export Send out.
Manufacture Make goods.
Specialize To concentrate in one particular area.
Created by: AWesthoff
 

 



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