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Social Studies 29-3

Social studies vocab for September 29th through October 3rd.

TermDefinition
Economy The way a country uses resources to make and sell goods and services.
Traditional Economy An economy where decisions are based on customs, traditions, and beliefs.
Command Economy An economy where the government makes all economic decisions.
Market Economy An economy where buyers and sellers decide what to make, how to make it, and who gets it.
Mixed Economy A blend of market and command systems; most countries have this type.
Economic System The way society organizes the production, distribution, and use of goods and services.
Supply and Demand The idea that prices and production depend on how much people want something and how much is available.
Producers People of businesses that make goods or provide services.
Consumers People who buy or use goods and services.
Scarcity The problem of limited resources and unlimited wants
Created by: user-1965123
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