Chp4 Social Studies Vocab

Land, home stores and goods that people and companies own

• Command Economy

• Market Economy

• Private Property

• Producer

goods that are shipped to another country to be sold there.

• Innovation

• Outsourcing

• Productivity

• Export

to trade one type of good or service for another type

• Currency

• Income

• Barter

• Profit

the separation of a work process into a number of different jobs

• Outsourcing

• Import

• Division of labor

• Specialization

the amount of a product that businesses have available to sell

• Barter

• Demand

• Supply

• Income

A person or company who makes a good or service to sell

• Consumer

• Producer

• Market Economy

• Private Property

goods that are brought in from another country to be sold here

• Import

• Export

• Outsourcing

• Innovation

a rise in the usual price of many goods and services

• Inflation

• Demand

• Currency

• Income

a fee paid to bank customers in exchange for the bank using that money; a fee charged by banks for borrowing money.

• Scarcity

• Incentive

• Advertising

• Interest

the amount of resources is limited

• Scarcity

• Interest

• Incentive

• Opportunity Cost