15 terms


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
products that are made to be sold (ie: cars, computers, baskets, etc.)
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
process of turning raw materials into a finished product
person who makes products that are used by other people
a person who buys goods and services
an economic philosophy that calls for property to be owned by society as a whole; the central government controls all aspects of citizens' lives
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.