Vocabulary
A limited amount of resources
scarcity
The result of two or more producers offering the same goods and services
Competition
A nation's land and all of the materials nature provides that can be used to make goods and services
Natural Resources
an economic system in which the decisions of what, how and for whom things are produced are based on customs or habits
ie; Tribes in Africa, the Amish
traditional economy
work that is done or completed by others
service
Something that is made and sold to people-
Goods
Workers- and using their abilities
Labor
an economic system in which individual and businesses own all the resources and make the economic decisions.
The USA
market economy
The financial gain received by selling something for more than it cost to make
Then amount of something that is available.
Supply
buildings and tools
capital
economic system in which the government make the major economic decisions.
Cuba/ North America
Command Economy
Someone who buys goods or services for his or her own personal use.
Consumer
The level of wealth to a certain socioeconomic class in a certain geographical area.
Standard of Living
an expense that does not change no matter how much a business produces
Fixed expense
Someone who makes or sells goods and services for others to buy
Producer
The ways goods ands services are produced and consumed in a country.
Economy
The next best alternative you give up by choosing to do or buy one thing over another.
Opportunity cost
an expense that changes depending on how much a business produces
Variable cost
The entire activity of buying and selling that takes place in the world
Market