Vocab 11: Economic, Supply&Demand

Front

Economic system where individuals and businesses decide production and consumption.

Back

market economy

Front

Economic system where the government decides production and consumption

Back

command economy

Front

One business controls the market and sets prices.

Back

monopoly

Front

Few large profitable companies dominate the market and influence price.

Back

oligopoly

Front

Companies produce identical products; no price control.

Back

pure competition

Front

Many companies compete in an open market with similar but distinct products.

Back

monopolistic competition

Front

System for decision-making and resource use in producing and distributing goods.

Back

economy

Front

Resources to make goods and provide services: land, labor, capital, entrepreneurship.

Back

factors of production

Front

Limited resources

Back

scarcity

Front

Given up when a decision is made due to scarcity

Back

opportunity cost