Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Unit 6: Economics
Economics Vocabulary
| Term | Definition |
|---|---|
| Scarcity | shortage of supply, not enough to satisfy a want or need |
| Goods | items that are made and satisfy human wants/needs |
| Services | the action of helping or doing work for someone |
| Resource | a source of natural supply especially one that can be readily drawn upon to produce goods or trade |
| Supply & demand | the quantity of a good or service that producers wish to sell/trade and the quantity that consumers wish to buy |
| Trade | the act or process of buying, selling, or exchanging goods and services |
| Consumer | a person who purchases goods and services for personal use |
| Producer | a person, company or country that makes, grows or supplies goods for sale |
| Silk Road | an ancient,1,400-mile network of land and water trade routes. It connected East Asia (primarily China) with the Mediterranean, Middle East, and Europe, with the exchange of goods like silk, spices, and tea, alongside ideas, religions, and technology |
| Punic Wars | three wars between Rome (Italy) and Carthage(Africa) that led to the undisputed dominance of Rome in the western Mediterranean. |
| Gold-Salt Trade | was an exchange of salt for gold between Mediterranean economies and West African countries during the Middle Ages |
| Economy | the wealth and resources of a civilization |
| Natural Resources | Something from nature that people can use |
| Human Resources | People who work and sell the products or provide a services |
| Capital Resources | Money, products and supplies used in the production of goods and services |
| Command Economy | Planned and government leaders control the decisions of what and how things are made |
| Traditional Economy | Based off of the beliefs, customs and traditions of the past |
| Market Economy | all decisions are made by individuals or private businesses; large amount of individual freedom |
| Mixed Economy | a mixture of command and market economies |
| Barter | *to exchange goods for goods; goods for a service; service for a good; no money is involved |
| Silent Barter | *To exchange goods and services without speaking; typically used when two different cultures met to trade |
| Ghana Empire | first of the great medieval trading empires of western Africa (fl. 7th–13th century) |
Created by:
kodonnell
Popular Social Studies sets