| Term | Definition |
|---|
| finances | having to do with money |
| merchants | people who sell goods |
| entrepeneur | someone who owns and manages a business |
| capital (resources) | the tools and machines used to make goods or perform services |
| nomads | people who moved from place to place |
| demand (vs. supply) | the amount of goods or services consumers are willing to buy |
| agriculture | having to do with farming |
| manufacture | something that is made |
| free market economy | an economy system where individuals make their own choices on what to make, how to make it and how much to make |
| government | an organization set up to protect the community of members and enforce its rules |
| legislature | is a group who makes rules for a community |
| executive | the group who carries out the laws of the community |
| judicial | the group that has the power to intrepret and apply the laws |
| democracy | our country's form of government because it's "ruled by the people" |
| monarchy | a government where a king or queen makes the rules for the society |
| economics | the study of how people make things to meet their needs and wants |
| scarcity | an inability of resources to meet the society's unlimited wants |
| needs | something a person has to have to survive |
| wants | things that people would like to have |
| consumer | people or businesses that use goods and services to satisfy their needs and wants |
| producer | a person or business that supplies goods and services |
| profit | the difference between what it cost a producer to make or do something and how much a producer charges |
| supply | the amount of goods and services consumers are willing to buy |
| tariff | special tax on something from a foreign place |
| export | goods that are sold in a foreign place |
| imports | to bring goods in from a foreign country |
| employee | someone who works for wages |
| wages | money paid to workers |
Combine with other sets
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