Vocabulary
All of the natural resources of a nation.
Land
Soil, Water, Minerals, Plants, Animals, Climate
Land
Individuals have the right to own property.
Private Property
A market economy is controlled by
Market Forces
Communication skills are
Writing, Speaking, and Listening
Arena in which consumers and producers meet to exchange goods, services, and money.
Marketplace
Agricultural workers, Construction workers, Factory workers, Miners, Professionals, Service workers
Labor
Individuals and businesses have the right to make a profit.
Profit
Are economic factors that affect the price, demand, and availability of a good or service.
Market Forces
Select a country that you would be interested in learning more about.
Economic Systems
Science that examines how goods and services are produced, sold, and used.
Economics
Tools, Equipment, Machinery, Buildings, Vehicles, Transportation, systems, Utilities
Capital
Individuals are free to make their own economic decisions and can decide what to buy, when to buy, and how to use what they bought.
Economic Freedom
Is the process of creating something, such as new or improved products and new ways to do things and solve problems.
Innovation
The natural resources available for the production of goods and services vary from place to place.
Factors Of Production
Structure in which limited resources are turned into goods and services to address unlimited needs and wants.
Economics System
Business owners
Entrepreneurship
Individuals have the right to buy and sell in a marketplace where prices are freely set by the forces of supply and demand.
Voluntary exchange
Occurs when two or more sellers offer similar goods and services for sale in the marketplace.
Economic competition
Is an objective test that covers multiple problems related to various business applications.
Business Calculations
System in which economic decisions are based on a society’s values, culture, and customs.
Traditional Economy
Attempt to resolve the problem of unlimited needs and wants and limited resources is called...
Economic Problem
Businesses can compete to sell goods and services and decide what to produce, how to produce, and for whom to produce.
Competition
A free-enterprise economy, such as the one in the United States, is characterized by three market forces:
competition, profit motive, and supply and demand.
In some situations, individuals who are fluent in a foreign language may have an advantage over other candidates in an application process or other competitive situations
Foreign-Language Skills