"in my own words" definitions to our Economic Vocab. Terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Economic Wants | Something that can be satisfied by buying something from our economy.
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| Economic Resources | The things used to make a product.
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| Scarcity | When something can run out; there's not an neverending supply of it.
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| Specialization | When you focus on doing one thing in particular & become an expert on that one thing.
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| Interdependence | When you rely on other people or companies to help provide you with what you need to produce your own good or service.
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| Market or marketplace | Where anyone can buy or sell a good or service.
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| money or currency | What is used to actually buy and sell a product.
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| economic system or the economy | The particular way a country sets up their way for making, distributing, and purchasing goods and services. There are different ways that countries organize themselves.
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| Traditional Economy | When customs and culture dictate the way things go in an economy.
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| Market Economy | When regular people and companies make most of the decisions about the way things go in an economy.
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| Command Economy | When the government makes most of the decisions about what happens in the economy.
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| Mixed Economy | When customers, businesses, and the government all 3 make the economic decisions.
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| Value | How much something is worth.
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| Price | The cost of a good or service.
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| Supply | How much of a product you have available to sell.
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| Demand | How much people actually want a product.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
sarada
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