Scarcity1
When a business owner invests in more than one type of product or business
Diversification
This is a desire to possess
Want
A person doing the job to produce goods and services
Human Capitol
The economy includes Farming, Fishing, hunting for sale or barter.
Traditional
Illegal economic system
Underground Economy
Something essential for living
Need
The state of being in short supply (rare)
Scarcity
Economics that includes the government and country as a whole
Macroeconomics
This economy is where the government is in control
Command
1 or more people living in a dwelling
Household
Another word for work
labor
The study of the production, distribution and consumption of goods and services.
Economics
Product that is made for consumption or use.
A good
The extra money you have from selling items or goods
Profit
Having creative ideas
Innovative
The capital use to help make a product or do a job.
Physical capital
A business owner
Entrepreneur
The action of doing work for someone. (waitress, doctor)
Services
This economy has command and Free market in it
Mixed economy
The material well-being of a person in a given population. (Atlanta's is better than Gwood's)
Standard of Living
This type of economics if or small or private businesses
Microeconomics
List the four factors of production
land, labor, capital, Entrepreneurship
Another word for a firm
Business
This economic system is controlled by the private sector
Free market economy
What round did Shedeur Sanders get picked in the draft?
5th round