Economics Vocabulary

A plan for making and spending money is called a...

the desire to own something AND the ability to pay for it

All natural resources used to produce goods and resources

An economic system in which decisions on 3 key economic questions are based on VOLUNTARY exchange in markets is...

An arrangement to receive cash, goods, or services now, and pay for them later in the future

supply is known as the amount of goods available

to have money for investment is called...

An economic system in which the government CONTROLS a country's economy is called...

the process of starting, organizing, managing, and assuming the responsibility for a business is...

labor means the human effort directed toward producing goods and services

bringing (goods or services) into a country from abroad for sale is...

economy in which production is based on customs and traditions and economic roles are passed down from one generation

sending (goods or services) to another country for sale

economy in which private enterprise exists in COMBINATION with government regulation and promotion