Economic Vocabulary - 6th grade World Cultures

What are human resources?

• the desire for a product or service

• necessary items, such as food, clothing or equipment

• workers

• creating a product

What is demand?

• workers

• the desire for a product or service

• the necessary items, such as food, clothing or equipment

• to sell and ship a product

What is supply?

• to sell and ship a product.

• necessary items, such as food, clothing or equipment.

• the desire for a product or service

• to buy a product or service

What is economics?

• a system to create desire for a product or service

• a system to buy a product or service

• a system of workers

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

Produce

• to create a product

• to sell and ship a product

• to buy a product

• to desire a product or service

Distribute

• to create a product

• buy a product or service

• to sell and ship a product

• desire for a product or service

Consume

• to create a product

• buy a product or service

• to sell and ship a product

• desire for a product or service

Traditional economy

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

• a system in which the production of goods and services are planned and controlled by the government

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

• A system in which many businesses are owened and run by the government

Communist economy

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

• a system in which the production of goods and services are planned and controlled by the government

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

• A system in which many businesses are owened and run by the government

Free Enterprise economy

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

• a system in which the production of goods and services are planned and controlled by the government

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

• A system in which many businesses are owened and run by the government