Vocab
to treat a person a certain way based on race, gender, religion or age
discrimination
(Goods/ Services) are the actions one person does for another person
Services
A/An _______ is a person who decides how to combine resources to create new goods and services
entrepreneur
a need is something a person would like to have that is not necessary for survival
false- want
the amount of money left over after production is paid for
profit
Most economies today are (Mixed/Traditional) economies
Mixed
The main role of the US _____ in economics is to protect the country's citizens
government
consumers need to be able to make informed choices about products
true
the exchange of goods, services or money
transaction
(Land/Labor) is the factor of production that includes all natural resources that are used to produce goods
Land
in a/an __________ economy, transactions are made in a way that benefits both the buyer and seller
capitalist
tools, machines and factories are examples of land
false - capital
the state of having a limited number of resources to produce the things that people want or need
scarcity
Anything used to produced goods and services is called (Capital/Money)
Capital
the factors of ____________ are land, labor, capital and entrepreneurs
production
in a market economy, people in small communities work together to support the whole group
false - traditional
an arrangement that allows buyers and sellers to exchange goods and services
market
A (Market/Command) economy is an economic system in which the government makes the economic decisions
Command
the _____ is made up of all the people who work for money
labor force
in a capitalist system, the government decides what companies will be formed and how they will run
false