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An economy in which economic decisions are made by the government or central authority

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Economic decisions are made by individuals competing to earn profits

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An economic system where tradition and custom govern economic decisions

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A market where businesses purchase the items needed to produce goods or services

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The marketplace where final goods or services are sold to businesses and the public sector

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Government and individuals share the economic decision making process

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As price increases, demand decreases

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When supply exceeds demand

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The gap between limited resources and limitless wants

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When one company/group has complete control

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Something that is required

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The motivation of firms that operate so as to maximize their profits

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When demand exceeds supply

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When a determinant of demand other than price changes

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An increase or decrease in the quantity supplied that is paired with a higher or lower supply price

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Rivalry in which sellers try to get what other sellers are seeking at the same time by offering the best price, quality, and service

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Where supply and demand are equal

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A change in the behavior of buyers and sellers due to a change in price

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A product that consumers continue to purchase even after a change in price

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Land, labor, capital, and entrepreneurship