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Econ Chapter 1 Vocab
| Term | Definition |
|---|---|
| Needs | items a person must have to survive |
| Wants | items a person would like to have but are not essential to life. |
| Services | refer to work performed |
| Economic System | is the structure in which resources are turned into goods and services to address unlimited needs and wants. |
| Traditional Economy | is a system in which economic decisions are based on a society’s values, culture and customs. |
| Market Economy | is a system in which privately owned businesses operate and compete for profits with limited government regulation or interference. |
| Free Enterprise System | is also called free enterprise or capitalism |
| Consumer | a buyer and user of goods and services. |
| Producer | an individual or business that provides the supply of goods and services to meet consumer demands |
| Marketplace | an arena in which consumers and producers meet to exchange goods, services, and money. |
| Command Economy | is a system in which a central authority, usually the government, controls economic activities. |
| Mixed Economy | a combination of the market and the command systems. |
| Human Resource | qualities and characteristics that people have within themselves. |
| Trade-Off | the item given up in order to gain something else |
| Opportunity Cost | the value of the best option or alternative given up. |
| Profit | – the total amount of money earned after expenses are subtracted from income |
| Innovation | the engine that sparks growth and prosperity. the engine that sparks growth and prosperity |
| Technology | the application of scientific knowledge to practical uses and product development |
| Supply | the amount of a product or service producers are willing to provide. |
| Demand | the quantity of a product or service consumers are willing to buy. |
| Nonhuman resources | external reosources, such as money, time, equipment, and possessions |
| Scarcity | the challange of stretching resources to cover needs and wants |
| Resources | Any input used to generate other goods or services |
Created by:
Jakea Harris
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