Coldiron SS Unit 4 Economics Vocab Part #1

Front

Desires and needs of consumers control production.

Back

Consumer sovereignty

Front

Economic system with competition; price set by supply & demand.

Back

Market economy

Front

Someone who makes goods or services

Back

Producer

Front

Businesses selling the same good or service

Back

competition

Front

Someone who buys goods and services

Back

Consumer

Front

System a society uses for economic decisions (e.g., what to produce)

Back

economic system

Front

Materials from nature used by people.

Back

Natural resources

Front

No end to people's wants and needs

Back

Unlimited wants

Front

Only having a certain amount of resources

Back

Limited resources

Front

Money left after expenses

Back

Profit