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Economics Unit

TermDefinition
Capitalism An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Goods Tangible products that can be sold or bought.
Services A transaction in which no physical goods are transferred from the seller to the buyer. Services, such as banking, education, medical treatment, and transportation make up the majority of economies.
Entrepreneurship The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
Distribution The action or process of supplying goods to stores and other businesses that sell to consumers.
Production The method of turning raw materials or inputs into finished goods or products in a manufacturing process.
Capital Financial resources that businesses can use to fund their operations like cash, machinery, equipment and other resources.
Consumption The act of buying and using up of goods or services.
Regulation Rules made by a government or other authority in order to control the way something is done or the way people behave
Innovation The practice of developing and introducing new things, such as an invention.
Marketing The action or business of promoting and selling products or services, including market research and advertising.
Consumer A person who purchases goods and services for personal use.
Producer A person, company, or country that makes, grows, or supplies goods or commodities for sale.
Created by: CoachSweitzer11
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