Competency 23: Economics Flashcards
1
Q
Supply and Demand
A
Price based on consumer desire or need for product. As demand for product rises, its price rises too. When supply exceeds demand, the product’s price goes down.
2
Q
Free Enterprise System
A
Kind of economy in which people can own and run their own business.
Government has limited control over how businesses are run.
Private citizens can own land, factories, etc & can employ workers.
Gives citizens right to buy and make goods.
(US)
