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Vocab1
Vocab2
Lesson 2
Vocab3
Random
100
Money and goods used to help people make or do service s
Capital
100
the ability of people to do work
Labor☆
100
What are the 4 major kinds of resources
Land, labor, capital, enterpreneurship
100
The early civilizations gathered capital by collecting ____?
:3 taxes
100
The lack of a resource
Scarcity
200
The amount of ba good or service that a producer wants to sell
Supply
200
The amount of something that a consumer wants to buy
Demand
200
 How does demand relate to buyers of a good
The more people that buy a good the more demand it has
200
What is given up such as time or money to make or buy something
Opportunity cost
200
a good sent from one country to another in trade
Exports 
300
Using knowledge in a practical way to accomplish a task
Technology
300
based on custom
Traditional economy
300
Describe the differences between a command economy and a traditional economy
A traditional economy is based on a custom and a command economy is ruled by the government
300
the growth in free trade between countries
globalization ○
300
a good brought into a country from another country
Imports
400
What you give up to make it or buy it
Opportunity cost
400
Lack of resource
Scarcity
400
High inflation means that ___________buys less
Money
400
A skilled person who has mastered a subject
Expert
400
to trade by exchanging one good or service for another
barter
500
The act or running a business and taking on the risks of that business
Entrepreneurship
500
A central decides what goods will be made and who will receive them
Command economy
500
Why are capital and labor needed to make goods?
You need labor to make goods and provide services. Capital to run a business.
500
A period of slow economic growth or decline
Resession
500
the growth in free trade between countries
globalization