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Economies
Human World Lesson 3
| Term | Definition |
|---|---|
| economics | the study of how individuals, businesses, and countries make and use things |
| producers | those who make and sell goods |
| capital goods | man-made goods that help produce other products such as a computer or cash register |
| traditional economy | a system where decisions are based on customs |
| market economy | a system in which people are free to produce or buy whatever they wish |
| command economy | a system where decisions are based by a monarch or dictator |
| opportunity cost | the value of what was given up to gain something |
| consumers | those who buy goods and services |
| entrepreneur | person who starts and owns their own business |
| specialization | nations focus on producing only certain kinds of goods or services using their best resources |
| export | goods and services sold to other countries |
| import | goods from foreign countries brought into a country for use or sale |
| interdependence | each country depends on other nations for many of its goods and services |
| profit | what is left over after the costs of running a business are paid |
| scarcity | a problem that results fro not having enough of something |
| economists | people who study economics |
Created by:
raseif
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