Economics Chapter 2 Section 1 Review

The system a society uses to make and share things people need or want, like food and services.

• Economic System
• Profit
• Safety net

The money a business makes after subtracting its costs. It's what’s left over after paying for expenses.

• Economic System
• Profit
• Safety net

Programs or services that provide help to people in need, ensuring they have basic support during tough times, like unemployment or illness.

• Economic System
• Profit
• Safety net

The level of economic prosperity

• Standard of living
• Innovation
• Traditional Economy

The process of creating new ideas, products, or methods that improve something or make it better.

• Standard of living
• Innovation
• Traditional Economy

An economic system where people make and trade goods based on customs and traditions, often relying on farming, hunting, and gathering.

• Standard of living
• Innovation
• Traditional Economy