| A | B |
|---|
| form utility | involves changing raw material or putting parts together to make more useful |
| place utility | having a product where customers can buy it |
| time utiltiy | have toys avaiable at Thanksgiving for Christmas |
| Possession Utility | creadit cards, checks, cash |
| information utility | involves communication with the consumer |
| economy | organized way a nation provides for the needs and wants of its people |
| resources | all the things used in producing goods and services |
| land | everyting on the earth or found in the sea |
| labor | all the people who work |
| capital | money to start and operate a business |
| entrepreneurship | the skills of people who are will and able to invest their time and money to run a business |
| scarcity | deifference between wants and needs and available resources |
| traditional economies | little choice as to what to produce. traditions and rituals |
| market economies | individuals and companies own the means of production. little government involvement |
| command economies | government controls resources and makes all decisions about their use |
| Capitalism | business competiton and private ownership of businesses. Power in the hands of the people and elected officials |
| Communisum | government controls the resources. No private ownership of property or businesses. Norht Korea |
| Socialism | meet peoples basic needs. Government runs key idustries and makes economic decisions. Canada |
| Economies in Transition | economies that are moving toward a different economic system |
