The Market Economy Review

A consumer is... 

• monkey
• the economic factors affecting the price, demand, and availability of a commodity.
• somebody who takes away stuff
• a person who purchases goods and services for personal use.

A producer is...

• a person, company, or country that makes, grows, or supplies goods or commodities for sale.
• A person
• Mars
• the state of being scarce or in short supply; shortage.

Profit is...

• I like trains
• the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
• a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
• the economic factors affecting the price, demand, and availability of a commodity.

Innovation is...

• supply and demand

• the formation of a word from a sound associated with what is named (e.g., cuckoo, sizzle ).

• make changes in something established, especially by introducing new methods, ideas, or products.

• the economic factors affecting the price, demand, and availability of a commodity.

An incentive is...

• trouble or difficulty caused to one's personal requirements or comfort.
• a thing that motivates or encourages one to do something.
• a payment or concession to stimulate greater output or investment.
• a policy of extending a country's power and influence through diplomacy or military force.

Opportunity Cost is...

• the loss of potential gain from other alternatives when one alternative is chosen.
• the formation of a word from a sound associated with what is named (e.g., cuckoo, sizzle ).
• make changes in something established, especially by introducing new methods, ideas, or products.
• HI MOM!

Scarcity is...

• measuring a small distance from end to end.
• the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
• (especially of food, money, or some other resource) insufficient for the demand.
• make (something) on a large scale using machinery.

Market Economy is...

• An economic system in which economic decisions and the pricing of goods and services are guided solely by the interactions of a country's individual citizens and businesses.

• a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.

• the economic factors affecting the price, demand, and availability of a commodity.

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

Competition is...

• strive to gain or win something by defeating or establishing superiority over others who are trying to do the same.
• the economic factors affecting the price, demand, and availability of a commodity.
• an economy in which production, investment, prices, and incomes are determined centrally by a government.
• A thing to beat someone

 Supply is...

• an economy in which production, investment, prices, and incomes are determined centrally by a government.
• a person who purchases goods and services for personal use.
• make (something needed or wanted) available to someone; provide.
• an economy in which production, investment, prices, and incomes are determined centrally by a government.