Entrep - Econ Systems Vocab

a social science concerned with how people satisfy their demands for goods (things you can buy) and services (things that people do for you for a fee) when the supply of those goods and services are limited

• economics

• command economy

• industry

• NAICS

The flow of goods and services between people

• economy

• market economy

• economics

• mixed economy

When there are not enough goods or services to meet demand

• scarcity

• supply

• command economy

• economics

A system used by a society to allocate goods and services among its people and to cope with scarcity

• supply

• industry

• economy

• economics

The government controls the production, allocation, and prices of goods and services.

• Command economy

• Market economy

• Mixed economy

• local economy

Suppliers and consumers control the production, allocation, and prices of goods and services.

• Command economy

• Market economy

• Mixed economy

• local economy

Blends elements of the command system and the market system

• command economy

• market economy

• mixed economy

• local economy

Refers to the production of goods or services within an economy

• industry

• economics

• mixed economy

The economy of a community or town

• mixed economy

• local economy

• command economy

• market economy

The Market Economy is also called a...

• mixed economy

• capitalism

• socialism

• free enterprise system