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what is a desire for a good or service
demand
general increase of price
Inflation
Economic traditions based on a group, culture/value
Traditional economy
A plan to keep track of income and spending
Budget
Combination of command and market economies
Mixed economy
money earned by selling goods/services
revenue
study of how people meet wants and needs
economics
people or business that buy a good/service
consumer
economic in which individual consumers and producers make economic decisions
Market economy
economic system where the central government makes all decisions
command economy
Money subtracted after paying for production
profit
people or business that makes a good/service
producer
ability to produce a good or service
supply
arrangement in which a buyer can borrow to purchase something and pay later
credit
the cost of hat you give up by purchasing something else
opportunity cost
act of concentrating on a limited good/service
specialization
