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CE U8b: US Economy
Vocabulary and Supply & Demand
| Term | Definition |
|---|---|
| This exists whenever buyers and sellers exchange goods and services | market |
| This means that markets are generally allowed to operate without undue interference from the government | free enterprise |
| This means that individuals and businesses have the right to own real and personal property and means of production | private property |
| Example: If you are a farmer, you are allowed to own your farm, your tools, and everything that grows on your farm | means of production |
| This means that individuals have the opportunity to pursue a goal, create a business, and earn profits | profit motive |
| Earnings after all expenses have been paid are known as | profit |
| This is rivalry between producers or sellers of a good or service, and usually results in better quality goods and services at lower prices | competition |
| This means that consumers determine through purchases what goods and services will be produced | consumer sovereignty |
| This is the amount of a good or service that consumers are willing and able to buy | demand |
| This is the idea that consumers will buy more of a good or service at lower prices and less at higher prices | Law of Demand |
| This is something that encourage someone to do something; example: a coupon or sale could encourage a consumer to buy a good | incentive |
| This is the amount of a good or service that producers are willing and able to make | supply |
| This is the idea that producers will produce more when they can sell at a high price and will produce less when they can sell at a low price | Law of Supply |
| This is the amount of money exchanged for a good or service | price |
| This is the point where supply and demand meet | equilibrium price |
Created by:
ElliottED
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