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social studdies ;P
| Term | Definition |
|---|---|
| capital resource | Used to make or distribute goods and services; like a truck and a fuel pump |
| command economy | The government owns some or all of the main industries. In extreme command economies, the government owns almost all of the property |
| mixed economy | Most common; combination of market economy and command economy; some consumer and some government control |
| Market Economy | people own things, businesses compete, consumers decide; Capitalism |
| Bourgeoisie | the owners of factories |
| Wants | would like to have; not needed |
| Needs | these are essential for surviving in this world, examples are food and shelter |
| Quota | Even farmers are told what to grow and how much to grow |
| Distribution | getting supplies/services out to consumers |
| surplus | Extra; having more than needed |
| law of supply and demand | Prices increase when demand is HIGH, and price decreases when demand is LOW |
| human resources | A person providing a service |
| natural resource | a useable gift from the Earth |
| Proletariat | The bosses treated the workers badly |
| Interdependance | events/business in one place impacts events/business in another place |
| Opportunity Cost | what you give up in favor for something else |
| Monopoly | one company controls an industry. it is against the law |
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