Key Economic Terms
An item that improves your quality of life, but you do not have to have to survive.
Want
A Civil Engineer
Human Resource
The 3 types of Economic Theories are Capitalism, Communism, and this.
Socialism
The economic system based on customs and traditions.
Traditional Economy
Gross Domestic Product
Basic items required to live.
Needs
Timber (wood).
Natural Resource
The Economic Theory that believes people are by nature cooperative.
Socialism
The economic system most associated with Communism
Command Economy
The average amount of years someone in that country is expected to live.
Life Expectancy
Things like healthcare and education.
Services
Pickup Truck
Capital Resource
The Economic Theory that believes there should be NO government involvement in the Economy.
Capitalism
The economic system most associated with Capitalism
Market Economy
These are countries that are politically and economically stable and are technologically advanced
Developed Nation
Scarcity
Cash Register
Capital Resource
The man is most associated with Communism
Karl Marx
The economic system used by the United States
Mixed Economy.
Countries that are not politically and economically stable and lack resources and technology
Developing Nation
Value of the best alternative not chosen.
Opportunity Cost
Wind Energy
Natural Resource
In 1776, this man published the "Wealth of Nations"--the key text for Capitalism.
Adam Smith
The economic system used by most countries around the world.
Mixed Economy
the total value of good produced and services provided in a country during one year
GDP