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Economies

Human World Lesson 3

TermDefinition
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