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Econmy
its economy yay
| Term | Definition |
|---|---|
| Capital | Machines and tools used in producing |
| Goods | A tangible product which may be sold to a consumer or another industry |
| Labor | Physical and/or mental work |
| Producing | The way that society turns resources into goods and services |
| Profit | The difference between the revenue that a business generates from its goods and/or services and the cost of producing these goods and/or services |
| Consumer Service | A service performed for a customer at the consumer level |
| Factors of Production | The four factors that may be combined in many ways to make a profit |
| Free Market Economy | The market determines what goods and services are produced |
| Globalization | development of world culture and interdependent economy |
| Industrialized Countries | countries that have a lot of industry and manufacturing |
| Developing Countries | Countries that are becoming industialized |
| Command (Communist) | A system where the government owns the property, sets prices and wages, and how much to produce |
| Market (Free Enterprise System) | Individuals make key economic decisions. |
| Judaism | Middle East, Synagogues,Rabbi, Torah, One God, Old Testament, Adonai |
| Hinduism | Mandirs, Gurus, Brahman,Vedas, Reincarnation |
| Buddhism | Pegotta,Monks |
Created by:
TurtleMan