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Study Guide
| Word | Definition |
|---|---|
| natural resources | resources that exist without actions of humankind |
| human recources | people who make up the workforce |
| consumer recources | help consumers make smart buying decisions |
| capital resources | goods produced and used to make other goods |
| command economy | an economy in which production, investment, prices, and incomes are determined centrally by a government. |
| market economy | an economic system in which production and prices are determined by unrestricted competition between privately owned businesses. |
| traditional economy | an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces |
| mixed economy | an economic system combining private and public enterprise. |
| depression | long term downturn in economic activity |
| recession | a decline in gross domestic product |
| recovery | when an economy regains and exceeds peak |
| prosperity | the state of flourishing |
| supply | the quantity of a good or service that businesses are willing and able to provide |
| demand | quantity of a good or service that a consumer is interested in buying |
| quantity | the amount of goods |
| imports | whats brought in the country |
| exports | what we take out of the country |
| sole proprietorship | business owned by one person |
| corporation | a large scale company owned by many members |
| partnership | a business owned and controlled by two or more people |
| nonprofit | group of people who come together to do something without getting money in return |
| consumer | a person who purchases goods and services for personal use. |
| wholesaler | a person or company that sells goods in large quantities at low prices, typically to retailers. |
| liabilities | the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events |
| productivity | the state or quality of producing something |
| exchange rate | the value of one currency for the purpose of conversion to another. |
| budget surplus | A government budget is a financial statement presenting the government's proposed revenues and spending for a financial year. |
Created by:
aldxn
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