1
Extra amount of economic resources.
People want more than resources or businesses can provide.
Scarcity
A natural resource that can be used to make a product.
Raw material
Raising just enough food for themselves and their families and very little more.
Subsistence farming
Mondy left over after businesses pay their costs.
Profit
Need and desire of purchasers, consumers, clients, employers
Demand
Buyers
Consumers
Making of goods and services based on supply and demand.
Production
To move ownership of a busines or industry from the government to a private business.
Privatize
Clearing of an area of forests.
Deforestation
Goods brought into the United States from other countries.
Imported
Dividing work so each worker does only one part of a larger job.
Division of labor
Business conducted electronically.
e-commerce
Goods sent to places all over the world.
Exported
The relationship between countries whose economies depend on one another for trade.
Interdependent
Government or some central power makes most of the economic choices.
Command economy
Machines, buildings, and tools needed to produce goods and provide services.
Capital resources.
Use of good or service.
Consumption
Economy based on many industries rather than use a few.
Diverse economy
Becoming good at one kind of job.
Specialization
Businesses are owned and run by individuals or groups.
Market Economy
The way people in a coutry decide how to use reurces to produce goods and services.
Economic system
Freedom of people to own and run their own business with only limited control of the government.
Free enterprise
Workers who bring his or her own ideas and skills to a job.
Human resources
Information Age