| A | B |
|---|
| Conspiucous consumption | use of a good or service to impress others |
| Telecommunications | electronically transmitted communication |
| Wants | desirable things and luxuries |
| Capital | tools, machinery, and buildings used in production |
| Entrepreneurship | bringing together natural, labor and capital resources |
| Traditional Economy | an economic system where decisions are based on customs and beliefs |
| Controlled Economy | type of economic system in which the government controls all aspects of the economy |
| Standard of Living | a measure of how people live |
| Profits | money a business or person makes after expenses are paid |
| Market Economy | an economic system in which demand determines what is bought and sold |
| Capitalism | demand determines production, ex: U.S.A. |
| Communism | government has total control, cannot own private property, ex: China |
| Socialism | government only controls the major aspects of industry, ex: England |
| Primary Industry | Example: mining, agriculture |
| Secondary Industry | Example: manufacturing |
| Tertiary Industry | Example: restaurants |
| Quaternary Industry | Example: administration |
| Natural Resource | Example: cow, tree |
| Labor Resource | Example: construction worker, architect, coal miner, farmer |
| Needs | things necessary for survival |
