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Econ Terms Informal
"in my own words" definitions to our Economic Vocab. Terms
| Term | Definition |
|---|---|
| Economic Wants | Something that can be satisfied by buying something from our economy. |
| Economic Resources | The things used to make a product. |
| Scarcity | When something can run out; there's not an neverending supply of it. |
| Specialization | When you focus on doing one thing in particular & become an expert on that one thing. |
| Interdependence | When you rely on other people or companies to help provide you with what you need to produce your own good or service. |
| Market or marketplace | Where anyone can buy or sell a good or service. |
| money or currency | What is used to actually buy and sell a product. |
| 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. |
| Traditional Economy | When customs and culture dictate the way things go in an economy. |
| Market Economy | When regular people and companies make most of the decisions about the way things go in an economy. |
| Command Economy | When the government makes most of the decisions about what happens in the economy. |
| Mixed Economy | When customers, businesses, and the government all 3 make the economic decisions. |
| Value | How much something is worth. |
| Price | The cost of a good or service. |
| Supply | How much of a product you have available to sell. |
| Demand | How much people actually want a product. |
Created by:
sarada
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