Market Economy Vocabulary

Front

Economy is...

Back

the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

Front

A consumer is...

Back

a person who purchases goods and services for personal use.

Front

A producer is...

Back

a person, company, or country that makes, grows, or supplies goods or commodities for sale.

Front

Demand is...

Back

an insistent and peremptory request, made as if by right.

Front

 Supply is...

Back

make (something needed or wanted) available to someone; provide.

Front

Demand – Consumers’ desire to buy a particular good or service

Back

True

Front

The amount of goods or services available for a consumer to buy

Back

Supply

Front

A shortage

Back

Scarcity

Front

Demand – Consumers’ desire to buy a particular good or service

Back

True

Front

The amount of goods or services available for a consumer to buy

Back

Supply