Chapter 3 Economics Vocabulary SS6E1, SS6E2, SS6E3

An area that is largely countryside; this is in contrast to an urban (i.e., city) area

• urban

• rural

• city

• the boonies

"related to cities"

• urban

• rural

• city

• the boonies

Technology, factories, & machines that are used to make/sell goods & services.

• Entrepreneurship

• Capital Goods

• Human Capital

• Natural Resources

Education, healthcare, & training of a country’s workers

• Entrepreneurship

• Capital Goods

• Human Capital

• Natural Resources

Someone who takes a risk and starts a new business or invents a new product.

• Entrepreneurship

• Capital Goods

• Human Capital

• Natural Resources

Materials from the Earth that are used to support life and meet people's needs.

• Entrepreneurship

• Capital Goods

• Human Capital

• Natural Resources

•Mix of command and market systems

•Most democratic nations have this type of economic system

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

-Private businesses & individuals make all economic decisions without government interference

-Works on supply & demand

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Government makes all economic decisions

•Examples: Cuba, China, North Korea, former Soviet Union

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

•Economic decisions are based on customs and beliefs of the past

· Uses bartering to exchange goods

· Examples: tribes in Africa, Inuit in Canada

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy