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12 Cards in this Set
- Front
- Back
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producer |
an individual or business that provides a supply of goods and services to meet consumers demands |
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goods |
physical items such as good and clothing |
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economic system |
structure in which resources are turned into goods and services to address unlimited needs and wants |
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consumer |
a buyer and user of goods and services |
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command economy |
a system in which a central authority, usually the government, controls economic activities |
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services |
work performed |
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marketplace |
an arena in which consumers and producers meet to exchange goods, services, and money |
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traditional economy |
system in which economic decisions are based on a society's values, culture, and customs |
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market economy |
a system in which privately owned businesses operate and compete for profit with limited government regulation or interference |
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needs |
items a person must have to survive |
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producer |
an individual or business that provides a supply of goods and services to meet consumers demands |
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wants |
Items a person would like to have that are not essential to life |
