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Duarte's Class
Economics Vocabulary
Question | Answer |
---|---|
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 |