Economics: Social Studies Terms Explained

Plain-language definitions of every economics term your child meets in school, each with kid-friendly explanations, worked examples, and common mistakes to watch for.

Market

A market is any place, system, or situation where buyers and sellers come together to exchange goods, services, or resources, usually using money and prices to guide their decisions.

Market economy

A market economy is an economic system where most decisions about what to produce, how to produce it, and who gets it are made by individuals and businesses through buying and selling, rather than by the government.

Mixed economy

A mixed economy is an economic system that combines private businesses and markets with government involvement, so both individuals and the government help decide what is produced, how it is produced, and who gets it.

Monopoly

A monopoly is a situation where one company or seller controls all or almost all of the supply of a product or service, so buyers have little or no choice and the company can strongly influence price.

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