Economy

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Producer: a person or company who makes a good or service to sell to others.

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Consumer: A person or company who buys goods and services.

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Free enterprise: producers have the right to create any goods or services they want.

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Market Economy: same as free enterprise but within an entire country.

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Command Economy: the government decides what goods and services can be sold and made.

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Inflation: A rise in the usual price of many goods and services.

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Supply: the amount of a product that businesses have.

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Demand: is the amount of a product that consumers are willing to buy.

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Scarcity: means that the amount of a resource is limited.

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Opportunity Cost: When you choose between two items, it ithe value of the item you didn't pay for.