Economics Vocabulary

An economy based on private ownership of business and consumers freely choose goods and services.

• Capitalism

• Communism

• Traditional

• Mixed

Human-made materials used to produce goods and services.

• capital

• land

• labor

• entrepreneur

An economy where the government controls the factors of production resources.

• command

• market

• capitalism

• mixed

buys and uses goods and services

• consumer

• producer

• entrepreneur

• labor

The number of consumers who want and able to buy a good or service.

• demand

• supply

• opportunity cost

• entrepreneur

how resources are used to meet peoples wants and needs

• economics

• demand

• supply

• entrepreneur

a person who has the ideas and skills to start a business

• entrepreneur

• laborer

• manager

• consumer

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.L.K.5A

what is needed to make goods and provide services

• productive resources

• supply and demand

• consumer

• entrepreneur

The value of all the goods and services that a country produces in a year.

• Gross Domestic Product (GDP)

• Factors of Production (FOP)

• Free-Market Economy (FME)

Items for sale that can be touched.

• goods

• services

• demand

• profit