ICIVICS Market Economy

Front

Economy is...

Back

the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

Front

A consumer is...

Back

a person who purchases goods and services for personal use.

Front

A producer is...

Back

a person, company, or country that makes, grows, or supplies goods or commodities for sale.

Front

Profit is...

Back

a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

Front

An incentive is...

Back

a thing that motivates or encourages one to do something.

Front

Opportunity Cost is...

Back

the loss of potential gain from other alternatives when one alternative is chosen.

Front

Producers battling over who can make the most profit

Back

Competition

Front

The limited amount of resources available

Back

Scarcity

Front

The reason you pay for a good.

Back

Cost

Front

The number of consumers who want something.

Back

Demand