Costumer
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Command Economy | An economic system in which the government owns most resources and makes most economic decisions.
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| Consumer | Anyone who buys or uses products
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| Demand | The quantity of a good or service that consumers are willing and able to buy at various prices during a given time period
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| Economics | The study of how economic systems work
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| Equilibrium Price | The price at which the quantity supplied exactly equals the quantity demanded o fa product
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| Market Economy | Economic system in which the people, rather than the government, own the resources and run the businesses
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| Mixed economy | An economic system that has characteristics of a market and a command economy
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| Opportunity Cost | The value of your next best alternative whenever you make a choice
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| Profit | The difference between the money received from selling a product and the cost of producing that product
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| Scarcity | The basic economic problem that consumers's wants are always greater than the resources available to satisfy those wants
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| Supply | Particular characteristics that distinguish one garment from another
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| Traditional Economy | An economic system in which production methods are passed from one generation to the next
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Created by:
Ortizj41
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