Coldiron SS Unit 4 Economics Vocab Part #1

Front

the desires and needs of consumers control what is produced

Back

consumer sovereignty

Front

an economic system where there is competition and price is determined by supply and demand

Back

market economy

Front

someone who makes goods or services

Back

producer

Front

when businesses sell the same good or service

Back

competition

Front

someone who buys goods and services

Back

consumer

Front

the system a society uses to make economic decisions such as what to produce

Back

economic system

Front

materials from nature, such as trees or water, that people use

Back

natural resources

Front

there is no end to how many things people want and need

Back

unlimited wants

Front

only having a certain amount of resources

Back

limited resources

Front

the money left over after expenses are paid

Back

profit