chapter 12 Flashcards
1
Q
demand
A
The willingness of consumers to buy goods and services.
2
Q
scarce
A
What happens when the supply of a product is not enough to meet the demand for it.
3
Q
invest
A
To but something that will grow in value.
4
Q
free market economy
A
The freedom to make and sell any product or service that is allowed by law.
5
Q
savings
A
Money that people save.
6
Q
competition
A
The contest among businesses to sell the most goods or services.
7
Q
interest
A
The money a bank pays people for keeping their money there.
