5.01 Flashcards
(9 cards)
Economics
The study of how people get the goods and services they need and want.
Community
A group of people who live in the same area, have a common background, or share similar interests.
Resources
A material or item that can be used to produce something new.
Supply
The total amount of a good or service available for purchase.
Demand
The total amount of a good or service that people are willing to buy.
Trade-offs
Activities or items you give up in exchange for something else.
Opportunity Cost
The lost experience of the most valued alternative
Market Economy
An economic system that relies upon supply and demand to distribute resources and determine prices
Mixed Market Economy
An economy with individual economic freedom mixed with some government economic planning and regulation
