Vocabulary Terms
A system of producing, selling, and buying goods and services.
What is economy?
A system in which people grow their own food and make their own goods
What is a traditional economy?
Trading a good or service for another good or service.
What is barter?
The process in which countries are increasingly linked to each other.
What is globalization?
What does GDP stand for?
What is gross domestic product?
The money an individual or business has left after paying their expenses.
What is profit?
A system in which the government controls all aspects of the economy
What is a command economy?
What do these things have in common: cattle, corn, salt, copper, gold, silver, seashells, stones, and whale’s teeth?
What is money?
Cultural Traits that are well known and widely accepted.
What is popular culture?
What 2 examples of goods did the text provide?
What are food and tools?
Something of economic value that a person or company owns.
What are assets?
A system based on private ownership, free trade, and competition
What is a market economy?
Income that is not spent on immediate wants.
What are savings?
How has Global Trade affected the world?
What is connecting people from all over the world?
What are the 3 important functions of money?
What is medium of exchange, store of value, and unit of account.
When there are not enough resources to meet people's wants.
What is scarcity?
What is US Capitalism sometimes called?
What is a the free market enterprise?
The use of money today in a way that earns future benefits.
What are investments?
Nike, Apple, and Toyota are all examples of what?
What are multinational corporations?
Mixed economies (HINT: three are 3 answers)
What is capitalist, communist, and socialist.
The value of the next best choice you gave up in order to get what you want more.
What is opportunity cost?
What type of economy is the United States?
What is a mixed economy?
What makes bartering hard?
What is Two people must at the same time want what the other has to offer.
Law that limits free trade between nations.
What is a trade barrier?
People and businesses sell goods and services to earn _________, which they can then use to build __________.
What is income and wealth.