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Economics Vocabulary

TermDefinition
Standard of Living Quality of life based on availability of goods and services
Capital Resources the buildings and machines needed to make goods and to provide services
Goods anything that can be manufactured or grown
Investment money used to start a business venture or buy materials
Market Economy privately-owned production, supply and demand, competition and profit motivate producers and consumers
Services something done for others in exchange for money
Entrepreneur a person who starts a new business (risk taker) ; pulls together labor resources; capital and natural resources
Economics the study of how things are made, bought, sold, and used
Gross Domestic Product (GDP) total value (in dollars) of all goods and services produced in a country in a year
Command Economy government controls production/distribution; no competition
Traditional Economy production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
Factors of Production Human/labor resources, Capital resources/goods, Natural Resources, Entrepreneurship
Supply Human/labor resources, Capital resources/goods, Natural Resources, Entrepreneurship
Demand the quantity of a good or service that consumers are willing and able to buy
Profit A financial gain, the difference between the amount earned and the amount spent in buying, operating, or producing something
Economic Questions What to produce? How to produce? For whom to produce?
Created by: user-1959389
 

 



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