Unit 3 Voc. 1 Word Scramble
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| Term | Definition |
| Economics | The study of how people and countries make decisions about how to use their resources in the most efficient way |
| Goods | A physical item that can be bought or sold Ex: car, clothes, food |
| Services | Work performed in exchange for money Ex: car repair, hair cut |
| Human Capital | People who perform labor; employees |
| capital goods | Any physical manufactured asset used in work; includes buildings, machinery, vehicles, and technology |
| Entrepreneur | A person who takes on the risk of owning and operating a business |
| Natural Resources | Resources supplied by nature that can be used to develop wealth for a country |
| Production | Manufacturing goods for consumer purchase |
| Distribution | Transporting goods to their final destination for consumer purchase |
| Consumption | Buying goods or services |
| GDP per capita | A country’s GDP divided by the population of the country |
| Gross Domestic Product | The total dollar value of all goods and services produced by a country’s economy during one year |
| Growth Rate | The increase in value in goods and services produced by an economy |
| Traditional economy | Social roles and culture determine how goods are made, sold, and bought; based on customs that have been handed down for generations; children often do the same jobs as their parents; very few still around |
| Command Economy | An economy in which the government leaders give the answers to the three basic economic questions; communism/socialism; no incentives for workers or equal pay; production is low and quality of life is often poor |
| Barter | Exchanging of goods or services for other goods or services without using money. |
| Market Economy | Based on individual choices and voluntary trade; businesses all owned by the people; role of government is very limited; people determine what will and will not be produced by buying or not buying products; consumers answer three economic questions |
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