Chapter 16 Vocabulary

A system of money in use in a particular country

• supply

• currency

• demand

• market economy

How much of a good or service consumers want to buy

• supply

• demand

• currency

• market economy

Belonging to or part of the area where one lives

• local

• state

• national

• market economy

An economic system based on supply and demand, in which consumers and producers can buy and sell what they want

• supply

• demand

• local

• market economy

The amount of money required as payment for a good or service

• price

• tax

• supply

• demand

Of or relating to the general population

• supply

• demand

• public

• private

How much of a good or service is produced or is available at a certain price

• market economy

• supply

• demand

• price

Money collected from a citizen or business to help pay for goods and services provided by the government

• supply

• demand

• price

• tax

Goods and services are allocated by price. True or False?

Allocated means distributed or given out.

• True

• False

The government allocates goods and services. True or False?

(This means that the government gives out goods and services.)

• True

• False