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Econ Vocab 1

Week 1 Econ Vocab Terms

QuestionAnswer
Resources All things used in producing goods and services
Land Includes everything contained in the earth or found in the seas
Labor Refers to all the people who work
Capital Money to start and operate a business
Entrepreneurship The skills of people who are willing to invest their time and money to run a business
Capitalism Political and economic philosophy characterized by marketplace competition and private ownership of business
Command Economy A system in which a country's government makes economic decisions on what, when and how much will be produced and distributed
Mixed Economy Mixed economy depends on how much the government is involved. The U.S. has a mixed economy.
Traditional Economy Traditions and rituals answer the basic questions of what, how and for whom
Market Economy No government involvement in economic decisions
Economy The organized way a nation provides for the needs and wants of its people
Private Enterprise Independent decisions by businesses and consumers
Created by: mrsmarkovic
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