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18 Cards in this Set
- Front
- Back
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labor
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the ability of people to do work |
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land |
includes the surface of the Earth and its resources |
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capital
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money and goods used to help people make or do things |
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entrepreneurship
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the act of running a business and taking on the risks of that business |
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supply
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the amount of a good or service that a producer wants to sell |
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demand
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the amount of something that a consumer wants to buy |
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scarcity
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the lack of a resource
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opportunity cost
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what is given up, such as time or money, to make or buy something |
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traditional economy
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an economic system in which custom decides what people do, make, buy, and sell |
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command economy
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an economic system in which a central government decides what goods will be made and who will receive them |
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recession
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a period of slow economic growth or decline |
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inflation |
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technology |
the use of advanced methods to solve problems |
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point of equilibrium |
the optimum (best) price at which a good should be sold and produced |
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export
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a good sent from one country to another in trade |
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import
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a good brought into a country from another country |
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barter
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to trade by exchanging one good or service for another |
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globalization
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the growth in free trade between countries |
