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Community/ Economy

Lesson 1

TermDefinition
Business A company that sells goods or services.
Capital resources Things made by people and used to produce goods or offer services-a factory for example.
Circular flow A model of the movement of goods, services, resources, and money in an economy.
Citizens Members of a town, city, county, state, or country. Citizens have certain rights and responsibilities.
Civic virtue Personal habits and attitudes that promote the well-being of a group.
Community A place where people live, work, trade, and share.
Consumers People who buy and use goods and services.
Entrepreneur A person who uses resources to start a business.
Ethics The standards that help determine what is good, right, and proper.
Free enterprise A system in which economic decisions are made in markets by people and businesses, with little government influence.
Goods Things people buy and use.
Human Resources The labor, skills, and abilities of workers used in production.
Natural Resources Things that occur naturally in the world and that are used to make goods or provide services.
Resources The people and things needed to produce goods and services.
Responsibility Being accountable for one's own actions and obligations.
Right The freedom to act in a certain way.
Services Work done for others, such as haircuts or car repairs.
Trade The exchange of money, goods, and resources in a market economy.
Created by: hewittl