Economics Vocabulary

products that are useful, can be given to others, and satisfy wants and needs

• service

• goods

• insurance

• productivity

work that is done or a skill that is taught to another in exchange for money

• profit

• goods

• productivity

• service

privately owned businesses have the freedom to operate how they want with limited government control

• goods

• service

• free enterprise

• charity

a contracted payment of money to help with a loss or damage in exchange for a monthly payment

• Insurance

• Profits

• Goods

• Service

the measure of how much of a good can be produced in a specific time with limited resources

• productivity

• profit

• goods

• service

money that is made by a business after all costs and expenses are paid

• insurance

• goods

• profit

• free enterprise

organization that is run for the good of society rather than to make money

• goods

• charity

• services

• profit

the resources needed to produce goods and services, including land, labor, money, and entrepreneurship

• resources

• incentives

• factors of production

• profits

materials used to produce goods

• resources

• factors of production

• incentive

• communism

process created to manage the production, consumption, and distribution of goods and services

• economic system

• factors of production

• charity

• profit