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7th grade Econ

TermDefinition
equilibrium price price at which supply and demand are equal
surplus the supply is greater than the demand at a particular price
shortage the demand is greater than the supply at a particular price
economics a system for determining what goods and services will be made, how will they be made, how much will be made and who will get the stuff
command economy the government makes most or all economic decisions
market economy all economic decisions are made by individual consumers and producers
mixed economy most economic decisions made by individuals but with some government involvement in making economic rules
traditional economy oldest economic system based on barter with economic decisions made according to customs
wealth goods and services
money a substitute for wealth which makes it much easier to carry on economic activity
Created by: football09
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