Word wall
Traditional economy-A traditional economy is
an original economic system in which traditions,
customs, and beliefs shape the goods and the services
the economy produces.
Market economy-A market economy is an
economy in which decisions regarding investment,
production, and distribution are based on supply and
demand.
Supply and Demand-Supply and demand is
perhaps one of the most fundamental concepts of
economics and it is the backbone of a market economy.
Barter-exchange (goods or services) for other goods or
services without using money.
Enterprise-enterprise is a project, a willingness to
take on a new project, an
undertaking or business
venture.
Specialization-the act of specializing, or pursuing a
particular line of study or work.
Capital Resources-Capital resources are goods
made and used to produce other goods and services.
Command EconomyThe command economy is a
key feature of any
communist society. China,
Cuba, North Korea and the former Soviet Union
Production-the action of making or manufacturing
from components or raw materials, or the process of
being so manufactured.
Continuity- the unbroken and consistent existence or
operation of something over a period of time.
Goods and Services-In
economics, goods and services are
the outcome of human efforts to
meet the wants and needs of
people.
Opportunity Cost-the loss of potential gain from
other alternatives when one alternative is chosen.
Natural Resources-A natural resource is
anything that people can use which comes from nature.
People do not make natural resources, but gather them
from the earth.
Consumers- person who purchases goods and
services for personal use
Mixed Economy- An economic system that
features characteristics of both capitalism and
socialism.
Distribution- is the process of making a product or
service available for use or consumption by a consumer
or business user, using direct
means, or using indirect means
with intermediaries.
Scarcity-the state of being scarce or in short supply;
shortage.
Consumptions-the using up of a resource.
Economic Choices-is that choice made by the
economic actor which reflects supply and demand
relationships under scarcity.
Human Resources-the personnel of a business or
organization, especially when regarded as a significant
asset.
Producer- a person, company, or country that
makes, grows, or supplies goods or commodities for sale.
BY: ASIA GANT
MR.GREER
4TH PERIOD