Economic Terms 2

buyer and/or user of goods and services (everyone is a consumer)

• scarcity

• When supply is up, and demand is down, prices

• consumer

• barter

maker and/or seller of goods and services

• producer

• currency

• traditional economy

• command economy

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

• traditional economy

• producer

• currency

• market economy

An economic system in which the government controls a country's economy.

• mixed economy

• traditional economy

• market economy

• command economy

Economic decisions are made by individuals or the open market.

• market economy

• traditional economy

• When supply is up, and demand is down, prices

• command economy

Blend of command and market systems

• traditional economy

• mixed economy

• consumer

• producer

Exchange goods without involving money.

• textiles

• currency

• barter

• traditional economy

the basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise.

• barter

• traditional economy

• textiles

• infrastructure

A shortage of goods or services

• When supply is down, and demand is up, prices

• traditional economy

• scarcity

• Surplus

A shortage of goods or services

• scarcity

• When supply is down, and demand is up, prices

• traditional economy

• surplus