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Economics

Tells the different economies

TermDefinition
Producer Maker or teller of goods
Consumer Buyer or user of goods and services
Scarcity A shortage of goods and services
Supply The quantity of goos or services available for consumption
Demand The quantity of goods that buyers will take at a particular price
Human Capital The teaching or training of employees for a job
Capital Goods The tools used for making items
Entrepreneur A person who owns their own businesss
Investor A person who provides capital goods to an entrepreneur
Traditional Economy People who trade goods or services from one to another and is past on from generation to generation
Command Economy The government owns everything and the people have no rights
Market Economy The people mak there own decisions and the government has no control
Mixed Economy A blend of market and command economy
Embargoes A block on trade
Qouta A limit on things in a certain country
Tariff Taxes
Created by: jellybeans678
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