| A | B |
|---|
| economics | study of how individuals & groups strive to satisfy needs & wants by making choices |
| economic system | methods societies use to distribute resources |
| market economy | economic system in which decisions are made in the marketplace |
| supply | amount of goods and services that producers provide at various prices |
| demand | amount/quantity of goods and services consumers will buy at various prices |
| equilibrium price | point at which quantity demanded & quantity supplied meet |
| command economy | econ system in which a central authority makes key econ decisions |
| mixed economy | economy that contains both private and public enterprises |
