9/26 Ch. 2 Vocabulary Quiz

Economy that covers a limited area, such as a community or town.

• sustainability

• local economy

• global economy

• profit motive

Incentive that encourages entrepreneurs to take business risks in the hope of making a profit.

• profit motive

• supply curve

• local economy

• demand curve

Another term for sustainable economic development

• enterprise

• trade barrier

• sustainability

• capital

System in which the government controls the production, allocation, and prices of goods and services.

• mixed economy

• market economy

• economy

• command economy

Quantity at which the supply equals demand.

• equilibrium point

• voluntary exchange

• equilibrium price

• equilibrium quantity

Quantity of goods and services consumers are willing to buy at a specific price and a specific time.

• exporting

• supply

• demand curve

• demand

Curve on a graph that shows the quantity of a product or service a supplier is willing to sell across a range of prices over a specific period of time.

• supply

• supply and demand curve

• supply curve

• demand curve

Price at which supply equals demand.

• equilibrium price

• equilibrium quantity

• equilibrium point

• economics of one unit

Governmental restrictions on international trade.

• local economy

• trade barrier

• sustainability

• global economy

Another name for a free enterprise system.

• capital

• enterprise

• sustainability

• capitalism