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Basic Econ Systems

6th Chapter 6 Vocab

TermDefinition
innovation a new or improved method, idea or product
private ownership property, businesses, and resources belongs to individual citizens
services actions producers make for consumers
consumers people who buy and use goods and services
traditional economy economic system based on traditional customs and values
mixed economy economic system with elements of both market and command economies
command economy economic system based on government control and regulations
competition a situation where multiple people or organizations try to outperform each other
market economy economic system based on supply and demand
scarcity the inability to meet all wants due to limited resources
producers people who make and sell goods and services
public servies things government does or provides for its citizens
supply how much of a good or service is available or that is produced at a certain price
goods things producers make for consumers
demand how much of a good or service that consumers want to buy at a certain price
Created by: heatherkirk1978
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