Entrep - Econ Systems Vocab

Front

Social science on satisfying demands for limited goods and services.

Back

economics

Front

Flow of goods/services between people

Back

economics

Front

Not enough goods/services to meet demand

Back

scarcity

Front

System for allocating goods/services and managing scarcity

Back

economy

Front

Government controls production, allocation, and prices of goods/services.

Back

Command economy

Front

Suppliers and consumers control production, allocation, and prices of goods and services.

Back

Market economy

Front

Blends elements of command and market systems

Back

mixed economy

Front

Production of goods/services in an economy

Back

industry

Front

Economy of a community or town

Back

local economy

Front

The Market Economy is also called a...

Back

free enterprise system