Economic Concepts and Terms

A pattern of growth and contraction in modern economies.

A system where economic decisions are made by the government.

Someone who uses and/or buys goods and services.

A continual decline in the cost of goods and services.

The amount of goods or services that consumers are willing and able to buy at different prices.

The way goods and services are distributed in a society to meet people’s needs and wants.

Things that are produced for people to buy.

A continual increase in the price of goods and services.

A system where economic decisions are made by private groups and individuals.

A system where the government and private people both have control over the economy.