| A | B |
|---|
| CAPITAL | THIS IS WEALTH (INCLUDING MONEY, PROPERTY AND EQUIPMENT) USED TO PRODUCE GOODS AND PROVIDE SERVICES |
| CAPITALISM | AN ECONOMIC SYSTEM THAT IS A MARKET ECONOMY BASED ON PRIVATE OWNERSHIP OF THE MEANS OF PRODUCTION |
| COMMAND ECONOMY | AN ECONOMIC SYSTEM IN WHICH THE GOVERNMENT CONTROLS ALL ECONOMIC DECISIONS AND THE FACTORS OF PRODUCTION |
| COMMUNISM | AN ECONOMIC SYSTEM BASED ON GOVERNMENT OWNERSHIP OF THE MEANS OF PRODUCTION AND ALL ECONOMIC PLANNING UNDER AN AUTHORITARIAN GOVERNMENT |
| COMPETITION | WHEN THERE IS MORE THAN ONE PRODUCER AND/OR CONSUMER OF ANY ITEM |
| CONSUMER | SOMEONE WHO PURCHASES A GOOD OR SERVICE |
| COST | THE AMOUNT OF MONEY THAT IT TAKES TO MAKE A GOOD OR PROVIDE A SERVICE |
| DEMAND | THE AMOUNT OF A GOOD OR SERVICE THAT PEOPLE WANT TO PURCHASE |
| DEVELOPED ECONOMY | AN ECONOMIC SYSTEM THAT CAN PROVIDE MOST OF THE NEEDS OF THE PEOPLE BECAUSE THEY HAVE MODERN INDUSTRIES AND A HIGH LITERACY RATE |
| DEVELOPING ECONOMY | AN ECONOMIC SYSTEM BASED MAINLY ON FARMING BUT IS CHANGING FROM A TRADITIONAL ECONOMY DUE TO SOME MODERN TECHNOLOGY AND INDUSTRIES |
| FACTORS OF PRODUCTION | THESE ARE RESOURCES THAT ARE ESSENTIAL TO ANY ECONOMY SUCH AS LAND, LABOR, MANAGEMENT AND CAPITAL |
| GOODS | PRODUCTS THAT ARE MADE TO BE SOLD |
| LAISSEZ-FAIRE | A BELIEF THAT GOVERNMENT SHOULD NOT INTERFERE IN BUSINESS |
| MARKET ECONOMY | AN ECONOMIC SYSTEM IN WHICH THE INDIVIDUALS CONTROL THE FACTORS OF PRODUCTION AND THE LAW OF SUPPLY AND DEMAND GUIDES DECISIONS |
| MIXED ECONOMY | AN ECONOMIC SYSTEM IN WHICH THE INDIVIDUALS CONTROL SOME INDUSTRIES AND GOVERNMENT CONTROLS OTHERS |
| OPPORTUNITY COST | THE LOST CHANCE TO USE A RESOURCE IN ANY DIFFERENT WAY |
| PRICE | THE AMOUNT OF MONEY THAT IT TAKES TO PURCHASE A GOOD OR A SERVICE |
| PRODUCER | SOMEONE WHO MAKES A GOOD OR PROVIDES A SERVICE |
| PROFIT | THE AMOUNT OF MONEY THAT IS LEFT OVER AFTER THE COST IS SUBTRACTED FROM THE PRICE |
| RESOURCES | THESE ARE MATERIALS THAT ARE USED IN MAKING GOODS OR PROVIDING SERVICES |
| SCARCITY | WHEN UNLIMITED WANTS AND NEEDS ARE COMBINED WITH LIMITED RESOURCES |
| SERVICES | AN ECONOMIC BENEFIT THAT COMES DIRECTLY FROM SOMEONE'S LABOR |
| SOCIALISM | AN ECONOMIC SYSTEM THAT IS A COMMAND ECONOMY BASED ON GOVERNMENT OWNERSHIP OF THE MEANS OF PRODUCTION |
| SUPPLY | THE AMOUNT OF A GOOD OR SERVICE THAT IS PRODUCED OR PROVIDED |
| TRADITIONAL ECONOMY | AN ECONOMIC SYSTEM BASED ON SKILLS THAT HAVE BEEN PASSED THROUGH GENERATIONS AND HAS MAINLY SUBSISTENCE FARMING WITH VERY LITTLE SURPLUS |
