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TermDefinition
capital resource Used to make or distribute goods and services; like a truck and a fuel pump
command economy The government owns some or all of the main industries. In extreme command economies, the government owns almost all of the property
mixed economy Most common; combination of market economy and command economy; some consumer and some government control
Market Economy people own things, businesses compete, consumers decide; Capitalism
Bourgeoisie the owners of factories
Wants would like to have; not needed
Needs these are essential for surviving in this world, examples are food and shelter
Quota Even farmers are told what to grow and how much to grow
Distribution getting supplies/services out to consumers
surplus Extra; having more than needed
law of supply and demand Prices increase when demand is HIGH, and price decreases when demand is LOW
human resources A person providing a service
natural resource a useable gift from the Earth
Proletariat The bosses treated the workers badly
Interdependance events/business in one place impacts events/business in another place
Opportunity Cost what you give up in favor for something else
Monopoly one company controls an industry. it is against the law
Created by: 131