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BizTown
Vocabulary
Term | Definition |
---|---|
Economy | A system that guides how money is earned in a society. |
Community | A place where people live, work, trade, and share. |
Citizen | Members of a town or state and have rights and responsibilities. |
Right | The freedom to act in certain way. |
Responsibilty | Citizens have the __________ to act with respect and integrity. |
Businesses | The governor wants _________ to open up and sell their goods and services. |
circular flow | The movement and exchange of goods & services, resources and money is called __________ in an economy. |
Natural Resources | occur naturally in the world and are used to make goods or provide services. |
Capital Resources | Things made by people and used to produce goods and services. |
Human Resources | Refer to the labor, skills, abilities of workers. |
Goods | Things people buy such as groceries and soccer balls. |
Services | People pay for these, examples are haircuts & car repair. |
Free Enterprise | A system in which economic decisions are made by people with little government influence. |