schoolwires.henry.k12.ga.us€¦ · Web viewWord wall Traditional economy-A traditional economy is...
Transcript of schoolwires.henry.k12.ga.us€¦ · Web viewWord wall Traditional economy-A traditional economy is...
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Word wallTraditional economy-A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces.
Market economy-A market economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand.
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Supply and Demand-Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy.
Barter-exchange (goods or services) for other goods or services without using money.
Enterprise-enterprise is a project, a willingness to take on a new project, an undertaking or business venture.
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Specialization-the act of specializing, or pursuing a particular line of study or work.
Capital Resources-Capital resources are goods made and used to produce other goods and services.
Command Economy-The command economy is a key feature of any communist society.
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China, Cuba, North Korea and the former Soviet UnionProduction-the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
Continuity- the unbroken and consistent existence or operation of something over a period of time.
Goods and Services-In economics, goods and services are the outcome of
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human efforts to meet the wants and needs of people.Opportunity Cost-the loss of potential gain from other alternatives when one alternative is chosen.
Natural Resources-A natural resource is anything that people can use which comes from nature. People do not make natural resources, but gather them from the earth.
Consumers- person who purchases goods and services for personal use
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Mixed Economy- An economic system that features characteristics of both capitalism and socialism.
Distribution- is the process of making a product or service available for use or
consumption by a consumer or business user, using direct means, or using indirect means with intermediaries.
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Scarcity-the state of being scarce or in short supply; shortage.
Consumptions-the using up of a resource.
Economic Choices-is that choice made by the economic actor which reflects supply and demand relationships under scarcity.
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Human Resources-the personnel of a business or organization, especially when regarded as a significant asset.
Producer- a person, company, or country that makes, grows, or supplies goods or commodities for sale.
BY: ASIA GANT MR.GREER4TH PERIOD
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