Econamy

law of demand

How much people will pay

law of supply

deals with decisions made by producers

recorses

a source of supply

equilium price

the price at witch econamy demanded by consumers

competition

producers batteling over the consumers

consumer

a person who is getting the product

producer

someone who makes goods

opportunity cost

value of what you want to give up

scarcity

when recorses are limited

market econamy

producers are free to decide what they want to sell

command econamy

Stock is controlled by government compleatly

Traditional econamy

what you produce is what you live with