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EC-907 Glossary - 3

AB
Industrial goodsTangible items that will be consumed by industrial users
Means of productionAll the resources required in the production of goods and services
Natural resourcesItems that are found in nature and used to produce goods and services
MarketsArrangements for the buying and selling of goods and services
Mixed economyAn economic system in which elements of market and socialist command economies are combined
Market economyAn economic system in which the questions of what, how, and for whom products will be produced are answered by individuals and businesses in the marketplace
Medium of exchangeSomething of value that can be used to obtain goods and services; most common form is money
InterdependentInfluencing or relying upon one another


Business Marketing Teacher, Career Technical Education
CENTRAL CABARRUS HIGH SCHOOL
Concord, NC

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