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Wow Words Set 1

TermDefinition
Absolute Location A location can be absolute(specific) as in coordinates of a map using longitude and latitude
Cardinal Directions a compass rose tells us north, south, east, and west
Intermediate Directions one of the four intermediate compass directions located halfway between the cardinal directions
Relative Location the relationship of a place to another place
Climate the weather conditions in an area over a long period of time
Capital Resources goods made and used to produce other goods and service
Human Resources the people who make up the workforce of an organization, business sector, or economy
Natural Resources "Gifts of nature"
Opportunity Cost the value of the next best thing you give up whenever you make a decision
scarcity the limited availability of a certain resource
GDP measures the market value of final goods and serviced produced in a country per year
GDP Per Capita measures the amount of GDP that is available, on average, for each person.
Command Economy an economic system in which a central governmental authority decides how to use a country's scare productive resource
Market Economy an economic system in which individuals own and decide what to do with scarce productive resources. Prices guide economic decisions
Traditional Economy an economic system in which economic decisions are made largely by custom and historical precedent
Created by: heatherkirk1978
 

 



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