The Market Economy

Front

Someone who acquires goods and services is called a

Back

consumer

Front

Someone who makes goods or offers services to others is called a

Back

producer

Front

In a market economy who decides what to produce or what to buy?

Back

the people

Front

The amount of something that is available is

Back

supply

Front

The number of consumers or people who want something is called

Back

demand

Front

Limited resources or supply is called

Back

scarcity

Front

When demand is HIGH and supply is LOW what happens to price?

Back

Price goes up

Front

When demand is LOW and supply is HIGH what happens to price?

Back

Price goes down

Front

In a command economy who decides what will be produced, how much will be produced, and how much goods and services will cost?

Back

The government

Front

What influences profit?

Back

incentive, competition, innovation