Goods - tangible items or products that people can buy and own, like food, clothing, or electronics, Services - actions or activities that one person or organization performs for another, often for a fee, Supply - the amount of something that is available for use or purchase., Demand - the consumer's desire to purchase a particular good or service, Economics - the study of how societies use their limited resources to satisfy their unlimited wants and needs, Scarcity - there's not enough of something to satisfy everyone's needs and wants, Opportunity Cost - the value of what you give up when you choose one option over another, Economic Systems - way a society organizes the production, distribution, and consumption of goods and services, Free Market Economy - A free market economy is one where prices and production of goods and services are determined by supply and demand, with minimal government intervention or regulation., Command Economy  - an economic system where the government, rather than market forces, controls the production, distribution, and pricing of goods and service, Mixed Economy - combines elements of both capitalism (private ownership and free markets) and socialism (government intervention and public services), Individualism - the belief that individuals best serve the public interest by pursuing their own self-interest, Collectivism - the idea that a society should act, economically, in the interest of all people for the common good, Labour Unions - an organization formed by workers in a particular trade, industry, or company for the purpose of improving pay, benefits, and working conditions, Social Programs - initiatives, often government-led, designed to help individuals and communities by providing support and services to address social needs and improve well-being, Black Market - an illegal traffic or trade in officially controlled or scarce commodities., Taxes - mandatory payments made to a government., Infrastructure - the basic physical systems and facilities that are essential for the functioning of a community or organization, like roads, bridges, and power grids,

Economics Vocabulary (reg)

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