20 terms

Economic Vocab Quiz

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market
free enterprise or capitalist economy; individuals make their own decisions
consumer
someone who uses goods or services
traditional
economic decisions based on customs handed down from generation to generation
employer
the person who hires someone else to do the work
wants
things that people would like to have but can live without such as tv's
mixed
a combination of individual ownership and government regulations
capital goods
products that have value ( like factories, machinery, and new technology)
privatize
when control of companies is taken away from government and put into personal ownership
goods
materials that are produced for people to buy or things that can be seen and touched
command
government makes all economic decisions and individuals have little or no say about what goods and services are produced
services
jobs that people do for other people in return for pay
natural resources
products of the earth that people use to meet their needs ( like land, air, water, minerals)
scarcity
when their are not enough goods and services to satisfy the wants and needs of the people
economics
the study of how a market makes, distributes, and consumes products and services
profit
the amount of money that a company makes after all the costs of running the business have been paid
inflation
when the prices of goods rise
needs
things that people must have in order to survive, such as food
demand
how much in the way of goods and services people want and are able and willing to buy at a given price
entrepreneur
an individual willing to take a risk to create a business to sell a product
wages/salary
money that is paid to a worker for the amount of time that has been worked