| A | B |
|---|
| controlled economy | A system where the government attempts to own and control important resources and to make decisions about what will be produced and consumed |
| Demand | the quantity of a product consumers are willing and able to purchase at a specific price |
| demand curve | graph showing the relationship between a products price and the quantity demanded |
| economic market | all of the consumers who will purchase a particular product or service |
| economic resources | natural resources, capital equipment, and labor |
| economic utility | the amount of satisfaction a consumer receives from the consumption of a particular product or service |
| free economy | resources are owned by individuals rather than the government, and decisions are made independently with no attempt at regulation or control by the government |
| law of demand | when the price of a product is increased, less will be demanded, and when the price is decreased less will be produced |
| law of supply | when the price of a product is increased, more will be produced, and when the price is decreased, less will be produced |
| macroeconomics | study of the economic behavior and relationships of the entire society |
| market price | the point where supply and demand for a product are equal |
| microeconomics | study of relationships between individual consumers and producers |
| mixed economy | a combination of economics |
| monopolistic competition | market situation in which there are many firms competing with products that are somewhat different |
| monopoly | a type of market which there is one supplier offering a unique product |
| oligopoly | a type of market in which a few businesses offer very similar products and services |
| private enterprise | a market situation in which independent decisions are made by businesses and consumers with only a limited government role regulating those relationships |
| profit motive | a decision to use resources in a way that results in the greatest profit for the producer |
| pure competition | a type of market in which there are a large number of suppliers offering very similar products |
| regulated economy | a type of market in which resources and decisions are shared between the government and other groups and individuals |
| scarcity | unlimited wants and needs, combined with limited resources |
| supply | the quantity of a product that producers are willing and able to provide at a specific price |
| supply curve | the graph of relationships between price and quantity supplied |
| value | a decision to use resources in a way that results in the greatest satisfaction of wants and needs |
| market opportunity analysis | studying and prioritizing market segments to locate the best potential based on demand and competition |
| market segment | a group of similar consumers within a larger market |
| strategy | planning that identifies how a company expects to achieve its goals |
