Economics_Vocab

 The science that deals with the production, distribution, and consumption of goods and services

• Economics

• Supply

• Production

• Economic Resources

The act of buyers and sellers freely and willingly engaging in market transactions.

• Supply & Demand

• Market Transactions

• Voluntary Exchange

• Traditional Economy

 Any place where buyers and sellers meet to exchange goods and services

• Human Resources

• Market

• Equilibrium

• Free Market

Economic system where the government determines what, how, and for whom the goods and services are produced.

• Command

• Market

• Mixed

• Traditional

Economic System where individuals and businesses decide what, how much, and for whom goods and services are produced. 

• Command economy

• Mixed economy

• Market economy

• Traditional economy

 An economic system where good and services are produced in a natural way and what is left over is sold or traded with people

• Command

• Traditional

• Mixed

• Market

 Individuals, businesses, and the government are involved in decisions in the marketplace.

• Market

• Mixed

• Social

• Quantity

How much of the goods or services consumers are willing and able to buy

• Price

• Quantity

• Demand

• Supply

The amount of a good or service that producers are willing to provide.

• Quantity

• Supply

• Demand

• Price

An amount when not enough can be supplied to meet demand

• Surplus

• Excess

• Scarcity

• Demand Shortage