Personal Finance - Vocabulary - Part 2

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An economic system where goods and services are exchanged for

money based on voluntary exchange between consumers and producers; people,

not the government, own businesses.

• Consumers

• Producers

• Market Economy

• Competition

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Where buyers and sellers freely exchange goods and services.

• Consumers

• Producers

• Supply

• Market

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People who use (consume) goods or services provided by a business

• Consumers

• Producers

• Supply

• Demand

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Businesses that make or produce goods or services

• Consumers

• Producers

• Supply

• Demand

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When two or more businesses attempt to sell the same, or similar, goods

and services in the same market

• Producers

• Competition

• Supply

• Demand

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What producers make to sell; the amount of goods and services that are

available for purchase in a market

• Market

• Competition

• Supply

• Demand

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What consumers want to buy; the amount of goods and services that will be

purchased in a market

• Market

• Producers

• Supply

• Demand

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An extra ($) benefit that encourages someone to take a certain

action (buy the item), buy one get one free

• Market

• Price Incentives

• Supply

• Profit

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The money made from selling a good or service

• Price

• Price Incentives

• Market Economy

• Profit

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The amount of money that is exchanged for a good or service

• Price

• Price Incentives

• Market Economy

• Profit