Unit 1: Lesson 1- Economic Concepts

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Economics

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The study of how people choose to use resources to satisfy their wants and needs.

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Scarcity

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The limited nature of society's resources, given society's unlimited wants and needs.

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Market Economy

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An economic system in which economic decisions and the pricing of goods and services are guided by the interactions of citizens and businesses.

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Traditional Economy

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An economic system in which traditions, customs, and beliefs shape the goods and services the economy produces.

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Command Economy

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An economic system in which the government makes all decisions regarding the production and distribution of goods and services.

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Mixed Economy

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An economic system combining private and public enterprise.

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Natural Resources

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Resources that exist without human intervention, such as minerals, forests, water, and fertile land.

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Human Resources

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The personnel of a business or organization, especially when regarded as a significant asset.

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Capital Resources

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Goods made and used to produce other goods and services, such as buildings, machinery, tools, and equipment.

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Primary Activity

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Economic activities that involve the extraction of natural resources, such as agriculture, mining, and fishing.