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  • Wants are things that you think you need. Needs are things you need. You want to live in a big but what you need is just a place to eat sleep and bathe.
  • Market economy is based off competition and prices are determined by the interaction of supply and demand. Command economy is where someone tells everyone what to do and is basically a dictator
  • mixed economy is where it is a mixture of all economies. Traditional is when it is is based off of tradition.
  • the amount of product, or service available and the will of buyers for it, considered as the stores deciding  its price.
  • business is a cycle or series of cycles of economic expansion and contraction.
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