How does the economy affect your life? VOCAB

Front

Amount of money for a good/service

Back

price

Front

Combining human, natural, capital, and entrepreneurship resources to create goods or services.

Back

Production

Front

Selection from alternatives

Back

choice

Front

Economy based on subsistence agriculture.

Back

traditional

Front

Economy based on supply and demand.

Back

market (demand)

Front

Central authority controls production and services in a country.

Back

command

Front

Knowledge of tools and machines to solve problems and enhance solutions for a goal.

Back

technology

Front

Occurs naturally in a region or environment.

Back

natural resources

Front

Human effort used to produce a good or service.

Back

Labor

Front

Money for factories, machinery, tools, and buildings.

Back

capital