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6th grade Econ

TermDefinition
Scarcity Unlimited wants and limited resources. Not enough of a good or service to meet demand.
Capital The machines needed to produce a good or service
Interdependence Unable to survive or exist without each other
Factors of production The resources used to provide goods and services. Labor, capital, land and entrepreneur
Entrepreneur A person who starts and runs their own business
Barter To trade one good or service for another good or service without using money or credit
Consumer Someone who buys and uses goods and services
Demand The amount of goods or services consumers are willing and able to buy at certain prices
Opportunity Cost The value of a second choice not taken
Capitalism An economic system in which a country's trade and industry are controlled by private owners for profit, rather than by the government.
Traditional Economy An economic system in which production is based on custom and tradition and often use barter to trade. Mostly farming and agriculture. Not a lot of technology or industry.
Command Economy An economic system in which the central government makes all economic decisions.
Created by: roxwel
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