Market Terms
What is Scarcity?
The inability to satisfy all wants at the same time.
What are the three markets?
What is Traditional, Free market, Command, and mixed economies.
what economy does the U.S. have?
What is mixed economy?
What are resources?
Human, natural, capital, and entrepreneurship.
What are characteristics of a Command Economy?
The government has full control over the economy.
What is competition?
What is the rivalry between producers and/or between sellers of a good or service?
What is Opportunity Cost?
What is given up when a choice is made.
What are the characteristics of a Free Market?
Minimal government involvement in the economy.
What is private property?
What is individuals and businesses have the right to own real and personal property?
What is Consumption?
The using of goods and services.
What are the characteristics of a Mixed Economy?
Individuals and businesses are owners and decision makers for the private sector.
The government is the owner and decision maker for the public sector.
What is Consumer sovereignty?
What is consumers determine through purchases what goods and services will end up being produced?
What is Supply and Demand?
Interaction of supply and demand determines the price.
What are the characteristics of a Traditional Economy?
Economic decisions are based on custom and historical precedents.
What characteristics of the U.S. economy does not interfere with trade?
What is free market/enterprise?