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Duarte's Class

Economics Vocabulary

A system of producing, distributing, and consuming wealth and resources Economics
Economic system in which goods and services are produced by a family for their personal consumption as thy have done for generations Traditional Economy
Resources that are used to create other goods and services are called Supply Resource
A person who organized and operates a business or businesses, taking on greater than normal financial risks in order to do so Entrepreneur
Countries that lack capital resources and basic needs are not always met Less Developed Country
An economic system in which the quantity of goods and produced are determined by consumers and the laws of supply and demand Market Economy
The monetary value of all the finished goods and services produced GDP (Gross Domestic Product)
Goods offered for sale by a business Supply
An economic system in which the production of goods and services is planned and controlled by a central administration (the government) Command Economy
A shortage or lack of supply Scarcity
Resources that come from the earth or land Natural resource
The process of changing an economy to rely more on manufacturing an less on agriculture Industrialization
Created by: LHall2908
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