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8th grade Mr. Williams' Louisiana History chapt. 3 voc.


the production, distribution, and consumption of goods and services

Market System

an economic system in which citizens are free to make economic decisions

Command System

an economic system in which a small group of goverment officials make economic decisions for all citizens

Traditional System

an economic decisions in which customs determine economic decisions determine economic decisions

Barter System

in which goods or services are traded without the exchange of money

Regulatory Agency

an agency that monitors economic activity


the preformance of a specific task for pay


a share of the profits


a quantity of a product


the quantity of goods that buyers will take at a particular price


to assist or support with money


insuffiecient supply, shortage


something that remains above what is used or needed


money that is paid or recieved for work or services, as by the hour, day, or week


a fixed amount of pay


the act of specialization or the process of becoming specialized


ration or set aside for a special purpose

Unemployment Rate

the precentage of the work force who desire work but are unemployed at a given time


a charge for credit or a loan, usually a percentage of the loan ammount

Line of Credit

the amount of credit a consumer is able to obtain

Simple Interest

a fee (usually a precentage) paid on the original loan amount, not on any accrued

Compound Interest

interest computed on unpaid interest as well as the principal


to put (money) to use by purchases or expenditure, in somthing offering potential profitable returns, as interest, income, or appreciation in value


a decrease in consumer prices

Consumer Price Index

a means of measuring changes in the cost of basic goods and services


a portion of a public corporation available for for sale; a paper document that certifies an investor has partial ownership of a public corporation


a percentage of a public coorporation available for sale

Global Market

the world-wide economic market

User Fees

admission to state parks and museums or tolls on public roads or bridges


the cultivation of marine or freshwater fish of shellfish


a tax on foreign or imported goods

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