Market Economy Vocab

Front

Economic "supply":

Back

Amount of a product available.

Front

Economic "demand" refers to:

Back

how desired a product is

Front

Decisions in our Economy are made by:

Back

buyers and sellers

Front

Supply low, demand high:

Back

Price raises.

Front

Buys and uses goods and services?

Back

consumers

Front

Controls prices?

Back

supply and demand

Front

Opportunity cost:

Back

Buying one thing costs you the opportunity to buy another.

Front

Producers are:

Back

who makes or sells goods and services

Front

US exports are items made in the US and sold abroad.

Back

Items made in the US and sold abroad.