Economic Vocabulary

_________________________ are workers.

• Human Resources

• Scarcity

• Demand

• Capitalism

___________________ the desire for a product or service.

• Economics

• Produce

• Supply

• Demand

________________ means necessary items, such as food, clothing or equipment.

• Communism

• Supply

• Free Enterprise Economy

• Demand

___________________ a system of producing, distributing, and consuming goods and services.

• Communist Economy

• Mixed Economy

• Economics

• Produce

_______________ means to create a product.

• Produce

• Global Economy Interdependence

• Socialism

• Consume

_________________ means to sell and ship a product.

• Capitalism

• Distribute

• Supply

• Demand

_______________ to buy a product or service.

• Human resources

• Demand

• Consume

• Less Developed Countries

________________________ a system whereby people learn and practice the same job their parents and grandparents have done for many generations.

• Communist Economy

• Free Enterprise Economy

• Capitalism

• Traditional Economy

___________________ an economy in which the production of goods and service are planned and controlled by the government.

• Socialism

• Free Enterprise Economy

• Communist Economy

• Traditional Economy

_____________________ an economic system where individuals and companies are free to make a profit selling goods and services with limited government control.

• Communist Economy

• Free Enterprise Economy

• Socialism

• More Developed Countries