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Economic Terms
| Term | Definition |
|---|---|
| Capital | Cash or goods used to start a business and make money |
| Collective, Non-free Market Economic System | Governments make all decisions concerning the economy, and individuals have little or no say about what and how much to produce. Communism is an example of this economic system. |
| Entrepreneurs | A person who creates, organizes, or manages a business |
| Free Enterprise System | Economic system in which private individuals own most resources, technology, and businesses, and can operate them for profit with little control from the government. |
| Communism | The government controls all major industries and decides what products can be produced and how many of each type of product will be produced. |
| GDP Per capita | An approximation of the value of goods produced per person in a country, equal to the country's GDP divided by the total number of people in the country. |
| Gross Domestic Product (GDP) | The value of all goods and services produced in a country during a period of time. |
| Manufacturing | The making or producing of something by hand or by machine. |
| Service Industry | Business that sell services rather than goods. (Examples~ amusement, recreation, education, health care, and household services). |
| Socialist | A person who believes in an economic arrangement that emphasizes public or community ownership of property that produces goods and services. |
| Wholesale Industry | The sale of goods in large quantities for the purpose of resale. |
Created by:
bbuslawski
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