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Intro to Economics

TermDefinition
Scarcity the inability to produce everything people need and want.
Command Economy this system answers economic questions through strict governmental control and regulations.
Market Economy this system answer economic questions based on supply and demand in the market. What the people want to buy and sell determines what goods and services are produced.
Traditional Economy this system answers economic questions based on traditional customs and values passed down from generation to generation.
Goods items that satisfy human wants and needs. Objects we use.
Services an act done for someone .
Natural resources raw materials needed to produce the goods and services.
Human capital the work, skill, knowledge, and experiences required to produce goods and services.
Economic system the different ways people answer economic questions.
Supply quantity of a good that consumers are willing and able to purchase .
Demand how much people want the product or services .
Capital goods tools and technology needed to produce the goods and services
Bartering a system of exchange whereby one good/service is given in return for another; bartering does not require money.
Production The creation or manufacture for sale of goods and services.
Created by: Ms.Baugh
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