Ch.5 Vocab Foundations Digital

Front

Refers to money; specifically financial assets or the value of someone’s assets.

Back

Capital

Front

A system of economics based on private ownership of businesses and products.

Back

Capitalism

Front

Development and movement of goods/services in an economy

Back

Chain of Production

Front

Study of how society manages resources for goods and services

Back

Economics

Front

Total market value of all goods/services produced by a country in a period

Back

Gross Domestic Product

Front

Interaction among countries

Back

Globalization

Front

Dependence on other countries for trade in goods and services

Back

Interdependence

Front

Process to control the use of goods/services during scarcity

Back

Rationing

Front

Limited resources & unlimited wants

Back

Scarcity

Front

Economic system with public or collective ownership of resources and production.

Back

Socialism