Market Economy Vocab

Front

Producers competing for profit

Back

Competition

Front

Limited resources available

Back

Scarcity

Front

Reason for paying for a good.

Back

Cost

Front

Number of consumers wanting something.

Back

Demand

Front

Buying and selling activity in the world.

Back

Market

Front

Benefit given up by choosing one option over another.

Back

Opportunity Cost

Front

Goods and services production and consumption is called

Back

Economy

Front

Amount of something available.

Back

Supply

Front

Bad side effect on a third party from a good.

Back

External Cost

Front

Good side effect for a third party, not buyer/seller.

Back

External Benefit