Gov Vocab M-W

Marketplace

Where goods and services are exchanged between producers and consumers.

Mixed-market economy

One meeting the wants and needs for goods and services through a combination of market and command principles; the basics are the same—to make profit with controls.

Money/currency

A symbolic substitution for actual goods and services with an agreed-upon value.

Monopoly

The control of all aspects of production, distribution, and sale of a good or service by one company or individual.

Natural resources

Raw materials that are readily and easily available in the environment.

Needs

Things you must have to survive.

Opportunity cost

The value of the best alternative given up when a choice is made.

Principal

The original sum of money, such as a loan, without regard to interest.

Producer

A maker of a good or service.

Productivity

The rate of creating a good or service.

Profit

The amount left over after production, distribution, manufacture, and government expenses (taxes/tariffs)

Raw material

Material before being processed or manufactured into a final form.

Regulation

Rules established by a government agency to supervise the production of goods and services.

Resources

See individual listings under capital resources, human resources, and natural resources.

Salary

Wages paid to workers.

Scarcity

Unavailability or limited availability of a good, service, or resource.

Seller

A person who transfers a good or service in exchange for money.

Service

An action performed and sold by a worker.

Specialist

A provider of a service.

Stock market

A private organization designed to enable investors to support entrepreneurs with capital resources.

Supply

Goods and services offered for sale at a particular time at a particular price.

Surplus

Goods or services that are left over after consumer wants have been met.

Taxes

Capital assessments paid to the government to fund services.

Trade

The exchange of goods and services for items of comparable value.

Traditional economy

One that meets only needs.

Unemployment

When workers no longer have the jobs they formerly had and do not have new jobs.

Wants

Those items desired by consumers after their needs are met.

Worker

A laborer.