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Econ Chapter 1 Vocab

TermDefinition
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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