Economics

15 terms by bwalkowicz 

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Economy

the ways that good and services are produced and made available to people

Command Economy

economic decisions are made by the government

Traditional Economy

producing, buying, and selling goods operates by the customs, traditions, and habits of the group

Free Enterprise

individuals can start and run their own businesses

Market Economy

most businesses are privately owned

Goods

products that are made to be sold (ie: cars, computers, baskets, etc.)

Services

work done or duties performed for other people, such as the work of a doctor, or of a repair man

Raw Materials

a material or resource that is still in its natural state, before being processed or manufactured into a useful product

Manufacturing

process of turning raw materials into a finished product

Producer

person who makes products that are used by other people

Consumer

a person who buys goods and services

Communism

an economic philosophy that calls for property to be owned by society as a whole; the central government controls all aspects of citizens' lives

Socialsim

a political and economic system in which all property and wealth is collectively owned by all members of society

Gross Domestic Product (GDP)

refers to the market value of all final goods and services produced within a country, within a given period

Supply and Demand

helps determine the price of goods. The more there is, the less it costs. The less demand there is, the more it costs.

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