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Study Guide

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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