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12 Terms
Law of demand
How much people are willing and able to buy at a particular price
law of supply
deals with the decisions made by manufacturers and merchants
resources
a sourse of supply, support, or aid, especially one that can be readily drawn up on when needed
equilibrum price
the price at which quantity demanded by consumers equals the quantity supplied by prosucers
competition
producers battling over who can make the most profit, leads to innovation and better products
consumer
people who buy goods and make services to satisfy their needs and wants
producer
somone who makes goods or offers services to others
opporrtunity cost
value of whatever you give up when you make a decition
scarcity
when resources are limited or not enough for everyone
market economy
producers are free to decide what to produce, and conseumer are free to buy hwtever they need and want
command econamy
the government decides what to produce, how much will be produced, and how much goods and services will cost
traditional econonmy
what to produce, how much will be produced, and who gets what are answered by traditions and costoms. (oldest form of economy)