Studied by 0 people
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.
