Economics VOCAB

a desire for a good or service

• need

• wish

• want

• demand

an economy based on customs and traditions

• market economy

• command economy

• traditional economy

• mixed economy

living within your means regardless of the level of those means

• Financial Responsibility

• Budgeting Skills

• Wealth Accumulation

• Debt Management

an economic system where the government owns resources

• capitalism

• socialism

• feudalism

• mercantilism

the desire for a good or service

• supply

• demand

• wants

• needs

resources used to produce goods and services

• factors of production

• economic resources

• production inputs

• capital goods

individuals who start businesses

• entrepreneurs

• investors

• employees

• consultants

materials provided by nature

• natural resources

• artificial resources

• synthetic materials

• renewable energy

a person or business that creates goods

• producer

• consumer

• distributor

• retailer

a necessity for survival

• want

• desire

• need

• luxury