Unit 2 Economics Review

Front

The production and exchange of goods and services among a group of people.

Back

Economy

Front

A type of economic system in which families produce goods and services for their own use, with little surplus.

Back

Traditional Economy

Front

A type of economic system in which production of goods and services is determined by a central government, which usually owns the means of production.

Back

Command Economy

Front

A type of economic system in which production of goods and services is determined by demand of consumers.

Back

Free Market Economy (Capitalism)

Front

A material on or near the earth, such as a tree, fish, or coal, that has economic value.

Back

Natural Resources

Front

The basic support system needed to keep an economy going, including power, communications, transportation, water, sanitation, and education.

Back

Infrastructure

Front

The average amount of money earned by each person in a country.

Back

Per Capita Income

Front

A practice used by companies to reduce costs or improve efficiency by shifting tasks, operations, and jobs to other countries.

Back

Outsourcing

Front

An item sent out of the country for sale.

Back

Export

Front

An item brought into the country for sale.

Back

Import