Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
8 Cards in this Set
- Front
- Back
|
Command economy |
Gov't controls the production, allocation, & prices of goods and services |
|
|
Market economy |
Suppliers and consumers control the production, allocation & prices of goods and services |
|
|
Mixed economy |
Blends elements of the command economy and the market economy |
|
|
Voluntary exchange |
Transaction where both suppliers and consumers believe they benefit |
|
|
Other names for market economy |
Free enterprise and capitalism |
|
|
Capital |
Cash and goods |
|
|
Supply |
Quality of goods and services a businesses is willing to sell at a specific price and specific time |
|
|
Demand |
Quantity (amount) of goods and services customers are willing to buy at a specific price and specific time |
