U 1 L 6 & 7: Economics Basics

products made by humans, usually in factories

money and human made goods that help make things like buildings and machinery

the total cost to operate a business; bills a business must pay

helpful or valuable actions offered by businesses

not enough of something

the cost of what you have to give up

A type of economy where to government makes all economic decisions and owns and controls businesses

things found in nature that humans need and use to produce goods

Specific data that points to whether a country is developed or developing (education, transportation, health care etc..)

the total value of all goods and services produced in a country in one year

the available amount of a good or service

a type of economic system where people use customs and traditions to decide how to produce, distribute, 7 consume goods

Study of how people meet their wants and needs and manage a country's money

the total amount of sales in a business

the amount of money a business earns after all expenses are paid

A type of economy that is a blend of command & market economies essential businesses are government owned & controlled

A type of economy where producers and consumers make decisions and citizens own most of the businesses

a group of businesses that produce similar goods or services

the desire for a certain good or service

someone who uses/buys goods or services

when someone cannot find a job

a country with a weak economy and a low standard of living

the amount of money a business loses after all expenses have been paid

The work people do to produce goods and services

how well the average person in a country lives; can they afford wants and needs?

Growth of the economy and an increase in standard of living

a country with a strong economy and a high standard of living

someone who makes goods or services to be sold