Economy Vocabulary

What is

The use of machines to make raw materials into usable materials

• communism

• manufacturing industry

• capitalism

• agricultural industry

What is:

Economic decisions are made by the central government; government owns all production and distribution of goods and services

• socialism

• capitalism

• communism

• free market

What is:

The total value of all goods and services produced in a country in a given year, helps track and compare a country’s wealth

• Gross Domestic Product

• recession

• labor

• capital

What is:

Farming and ranching, the first line in a country’s economy, uses natural resources

• manufacturing industry

• agricultural industry

• entrepreneur

• labor

An entrepreneur is

• the amount of money a country has

• Production and distribution of goods and services is based on private ownership

• A slowdown in economic growth

• A person that organizes or operates a business and takes a financial risk

The best definition for socialism is

• A combination of economic systems where the government owns major industries and the people control some aspects of business

• Economic decisions are made by the central government; government owns all production and distribution of goods and services

• Production and distribution of goods and services is based on private ownership

• A system in which a privately-owned businesses create goods and services AKA- market economy or capitalism

A slowdown in the economy is a/an

• entrepreneur

• communism

• Free enterprise

• recession

A system in which privately-owned businesses create goods and services is called

• communism

• socialism

• capitalism

Productive activity, for the sake of economic gain is called

• labor

• capital

• recession

• entrepreneur

Economy is

• A slowdown in economic growth

• Production and distribution of goods and services is based on private ownership

• A system in which people produce, buy, and sell things

• Productive activity, for the sake of economic gain