click below
click below
Normal Size Small Size show me how
SS- Economy
| Term | Definition |
|---|---|
| economy | the system in which goods and services are bought and sold |
| free market economy | an economy where choices are left up to each buyer and seller |
| goods | items that can be bought, sold, and traded, such as food and computers |
| market | a place where buyers and sellers come together |
| scarcity | when people want more things than they can actually have |
| services | tasks you pay someone to do for you |
| need | something someone must have to live |
| want | something people would like to have |
| producer | someone who makes or grows goods, or offers services |
| consumer | someone who buys goods or services |