Economics Vocabulary

An economy based on private ownership of business and consumers freely choose goods and services.

• Capitalism

• Communism

• Traditional

• Mixed

Human-made materials used to produce goods and services.

• capital

• land

• labor

• entrepreneur

An economy where the government controls the factors of production resources.

• command

• market

• capitalism

• mixed

An economic system that is based on culture, tradition and rituals.

• mixed economy

• traditional economy

• command economy

• market economy

A system of exchange whereby one good/service is given in return for another; does not require monetary exchange.

• bartering

• currency exchange

• purchasing

• embargo

the amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

Which economics term describes the way in which there are a limited number of resources to meet our unlimited wants and needs?

• Shortage

• Consumption

• Production

• Scarcity

Which of the following BEST describes the subject of economics?

• The way people use money to navigate their way in the world.

• The study of people's employment in difficult and excellent times.

• The study of government actions when faced with political elections.

• The study of the choices people make when faced with limited resources.

Social Science dealing with how people satisfy seemingly unlimited & competing needs & wants with the careful use of scarce resources

• Cash Money

• Economics

• Government Revenue

• Gross Domestic Product

Cost of the next best alternative use of money, time, or resources, when one choice is made rather than another?

• Production Possibilities Curve

• Economic Growth

• Opportunity Costs

• Cryptocurrency