Economic Vocabulary

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

• Communism

• Socialism

• Free Enterprise

• Mickymouseism

an economic system in which many businesses are owned and run by the government

• Socialism

• Traditional

• Communism

• Free Enterprise

The average yearly income of citizens in a country

• Communism

• Per Capita Income

• Taxes

• Economics

An economics system in which all businesses are owned and run by the government

• Socialism

• Traditional

• Free Enterprise

• Communism

countries that have a high per capita income and quality of life is generally good

• Less Developed Countries

• More Developed Countries

• Supply

• Demand

a shortage or lack of supply

• demand

• scarcity

• consume

• supply

What is Economics?

• a system of destroying, storing, and consuming goods and services

• a system of not producing needed goods and services

• a system of producing, distributing, and consuming goods and services

• a system of growing plants and trees to better the environment

In less developed countries, they have a

• low per capita income and a quality of life is generally good

• low per capita income and a quality of life is generally poor

• high per capita income and a quality of life is generally good

• high per capita income and a quality of life is generally poor

Countries that depend on one another for a product or services is ________________________________.

• Per Capita Income

• Human Resources

• communism

• Global Economic Interdependence

to buy a product or service

• demand

• produce

• consume

• supply