Economics Flashcard

Front

What does the Free Enterprise System allow?

Back

Producers can create any legal goods or services.

Front

What is a Market Economy?

Back

An area where goods are bought and sold freely.

Front

What are wants?

Back

Things you would like to have but can live without.

Front

What are services?

Back

Things people do for you.

Front

What is considered Private Property?

Back

The land, homes, stores, and goods people own.

Front

What is a good in economics?

Back

A physical item that can be bought or sold.

Front

What is scarcity?

Back

The limited availability of resources to meet unlimited wants.

Front

What is a consumer?

Back

A person who buys goods and services.

Front

What is a producer?

Back

A person or business that creates goods or services.

Front

What is supply?

Back

The amount of a good or service that producers are willing to sell.