SS8 Chapter 2 Lesson 2 Vocab

money and goods used to help people make or do things

• imports

• capital

• exports

• resources

the act of running a business and taking the risks of that business

• resources

• goods

• entrepreneurship

• imports

the amount of a good or service that a producer wants to sell

• barter

• import

• supply

• goods

____________ is the amount of somethings that a consumer wants to buy.

• accent

• globalization

• demand

• notes

lack of a resource

• scarcity

• critical

• cost

• meaning

The __________________________ of something is what you give up to make or buy it.

• scarcity

• globalization

• import

• opportunity cost

A ___________________ is based on custom (hunter-gather groups)

• barter

• scarcity

• traditional ecocomy

• globalization

A central government decides what goods will be made and who will receive them

• command economy

• Democracy

• expert

• income

a period of slow economic growth or decline

• recession

• descend

• ascend

• growth

a continued rise in prices or the supply of money

• ascend

• inflation

• government

• individual