

Vocab 11: Economic, Supply&Demand
Flashcard
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History
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10th Grade
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Practice Problem
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Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Economic system where individuals and businesses decide production and consumption.
Back
market economy
2.
FLASHCARD QUESTION
Front
Economic system where the government decides production and consumption
Back
command economy
3.
FLASHCARD QUESTION
Front
One business controls the market and sets prices.
Back
monopoly
4.
FLASHCARD QUESTION
Front
Few large profitable companies dominate the market and influence price.
Back
oligopoly
5.
FLASHCARD QUESTION
Front
Companies produce identical products; no price control.
Back
pure competition
6.
FLASHCARD QUESTION
Front
Many companies compete in an open market with similar but distinct products.
Back
monopolistic competition
7.
FLASHCARD QUESTION
Front
System for decision-making and resource use in producing and distributing goods.
Back
economy
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