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Economy
| Question | Answer |
|---|---|
| production | making goods for sale or services for use |
| barter | to trade goods or services without using money |
| economy/economic system | how a society organizes the production, distribution, and consumption of goods and services |
| consumer | customer or buyer |
| distribution | delivering goods and services to the consumers for purchase |
| traditional economy | economic system in which economic decisions are based on traditions and customs |
| producer | individual or business that creates and supplies goods or services |
| commercial agriculture | large-scale farming in which farmers produce cash crops |
| entrepreneur | someone who takes a risk and starts a new business |
| command economy | economic system in which the government makes most of the economic decisions |
| consumption | consumer spending on goods and services |
| market economy | economic system in which the consumers help determine what is to be produced by buying or not buying goods and services |
| subsistence agriculture | small-scale farming in which farmers grow just enough food to provide for themselves and their families |
Created by:
bschappell
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