1
Is the money left over after the costs of producing a product are subtracted from the revenue gained by selling that product.
Profit
An economic system that has elements of traditional, command, and market economies—is the most common type of economic system.
Mixed economy
Means to change from private ownership to government or public ownership.
Nationalize
an economic system in which the government owns some or all of the factors of production, developed from the ideas of Marx.
Socialism
is an economic system in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation.
Traditional economy
The rights of individuals and groups to own property.
Private property rights
Means to change from government or public ownership to private ownership.
Privatize
The condition in which economic resources are being used to produce the maximum amount of goods and services
Efficiency
A trade in which the parties involved anticipate that the benefits will out-weigh the cost.
Voluntary exchange
The market for goods and services.
Product market
The branch of knowledge concerned with the production, consumption, and transfer of wealth.
Economics
The effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input.
Productivity
An expert in economics.
Economist
A stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
Resource
Roughly speaking, a situation in which nothing can be improved without something else being hurt
Efficiency
Scarcity
The demand for a good or service is greater than the availability of the good or service
Entrepreneur
A person who sets up a business or businesses, taking on financial risks in the hope of profit.
Self sufficiency
The quality or state of being self-sufficient, able to maintain oneself or itself without outside aid
Entrepreneurship
The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
Service
The action of helping or doing work for someone.
Exchange
The act of giving or taking one thing in return for another
Specialization
The process of concentrating on and becoming expert in a particular subject or skill.
Factor
Of production: what is used in the production process to produce output that is, finished goods and services.
Technology
The application of scientific knowledge for practical purposes, especially in industry.
Goods
Are items that add some kind of benefit to the lives of the people who consume them