| A | B |
|---|
| controlled economy | an economic system where the government attempts to own and control important resources and to make the decisions about what will be produced and consumed |
| demand | a relationship between the quantity of a product consumers are willing and able to purchase and the price |
| demand curve | a graph that illustrates the relationship between price and the quantity demanded |
| economic market | all of the consumers who will purchase a particular product or service |
| economic resources | classified as 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 | an economic system in which resources are owned by individuals and decisions are made independently with no attempt at government regulation or control |
| law of demand | when the price of a product is increased, less will be demanded |
| law of supply | when the price of a product is increased, more will be produced |
| macroeconomics | the study of economic behavior and relationships for the entire society |
| market price | the point where supply and demand for a product are equal |
| microeconomics | the study of relationships between individual consumers and producers |
| mixed economy | an economic system in which some goods and services are provided by the government and some by private enterprise |
| monopolistic competition | the type of market where many firms compete with products that are somewhat different |
| monopoly | the type of market in which there is only one supplier offering a unique product |
| oligopoly | a few businesses offer very similar products or services |
| private enterprise | an economic system based on independent decisions by businesses and consumers with only a limited government role |
| profit motive | the use of resources toward the greatest profit for the producer |
| pure competition | the type of market in which there are a large number of suppliers offering very similar products |
| scarcity | the result of unlimited wants and needs combined with limited resources |
| supply | a relationship between the quantity of a product that producers are willing and able to provide and the price |
| supply curve | a graph that illustrates the relationship between price and the quantity supplied |
| value | an individual view of the worth of a product or service |
