Different Economies
An economic system where people provide services and make goods the same way their ancestors did
What is a Traditional Economy?
The amount of something that is available
What is Supply?
The number of consumers who want something
What is Demand?
Someone who acquires goods and services for his or her own personal use.
What is Consumer?
An economic system where a central authority controls all major decisions regarding the production,pricing, and distribution of goods and services
What is a Command Economy?
The benefit you give up by choosing to do one thing instead another.
What is Opportunity cost?
The thing that motivates you to do something
What is Incentive?