Economics Review

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Consumer

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A person or a group that is the final user of goods and services produced within an economy.

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Demand

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The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.

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Economy

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All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country

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What is a market economy?

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Consumers influence the types of goods and services

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In a capitalist society...

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All resources are privately owned

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In this type of economy, the people decide the supply, demand, and price.

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Market

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This means that the government should not interfere in the marketplace.

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Laissez Faire

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The amount of money a business makes after its expenses are paid

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profit

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Competition and profit motive are important characteristics of a:

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market economy

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A person who buys goods and services

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consumer