Market Economy Vocab

Front

Producers competing for profit

Back

Competition

Front

Limited resources available

Back

Scarcity

Front

Number of consumers wanting something.

Back

Demand

Front

Buying and selling activity in the world.

Back

Market

Front

Benefit given up by choosing one option over another.

Back

Opportunity Cost

Front

Amount of something available.

Back

Supply

Front

Economic theory where trade and industry are privately owned for profit, not state-controlled.

Back

Capitalism

Front

Limited goods/services vs. unlimited wants

Back

Scarcity

Front

Term for when supply meets consumer demand.

Back

Equilibrium

Front

Study of economics focused on individual factors and decisions.

Back

Microeconomics