Econ Vocab
This is something that consumers depend on for their survival and or well-being
Need
This factor of production includes the workers of companies.
Labor
This economic system has the economy controlled by private owners with no government involvement.
Capitalism
This is the term used to describe the owner and or leader of a company.
Entrepreneur
In this type of economy decisions of production and consumption are based on voluntary exchange in markets.
Market Economy
Service
Geographic area and natural resources make up this factor of production.
Land
This economic system believes in an equal distribution of wealth within the society.
Socialism
This man is accredited with being the father of communism.
Karl Marx
This type of economy involves limited government involvement.
Mixed Economy
Shortage
This factor or production includes human made goods and tools used to produce other goods.
Physical Capitol
This economic system involves a centrally planned government controlling all aspects of the economy.
Communism
This man is accredited with being the father of capitalism.
Adam Smith
In this type of economy, the central government alone makes all of the decisions on production and consumption.
Centrally Planned Economy
The term used to describe something that is given up as a result of a decision.
Opportunity Cost
This factor of production includes the skills and knowledge gained by a worker.
Human Capitol
Provides services and programs through taxes
Socialism
This entrepreneur is the richest man in the world, and owns the company TESLA.
Elon Musk
Type of economy that relies on habit, custom, and ritual to make decisions on production.
Traditional Economy
Scarcity
Training would be an example of this factor of production.
Human Capitol
Supply and Demand are king in this economic system.
Capitalism
This entrepreneur is on the show shark tank, and is the owner of the Dallas Mavericks.
Mark Cuban
This is the type of economy that the United States has.
Mixed Economy