Economics Vocab Pt 2

Front

Deciding how to spend money

Back

trade-off

Front

Businesses trading privately owned goods/services, not government owned

Back

private sector

Front

Marketplace where the government buys goods/services

Back

public sector

Front

Private owners control property and resources to compete in selling goods.

Back

free market economy

Front

Government controls process, production, and labor

Back

command economy

Front

Govt control over economy

Back

mixed economy

Front

Effort among companies to win business

Back

competition

Front

Direct exchange of goods/services without money.

Back

barter

Front

Items of ownership convertible to cash; total resources of a person or business.

Back

assets

Front

Total revenue minus production costs.

Back

profit