Vocab Flashcard 1

Front

Define Economy

Back

How businesses and people of a country make money.

Front

Democracy: A government where people elect leaders and rule by majority.

Back

Democracy

Front

Define Natural Resources

Back

Resources and substances occurring in nature used for economic gain.

Front

Define Region

Back

An area defined by certain characteristics.

Front

Define Urban

Back

Relating to, or characteristic of a city or town.

Front

Traditional Economy: An original economic system shaped by traditions, customs, and beliefs that influence the production and distribution of goods and services.

Back

An original economic system shaped by traditions, customs, and beliefs that influence the production and distribution of goods and services.

Front

Define Incentives

Back

A thing that motivates or encourages one to do something.

Front

Command Economy: Government makes all economic decisions, including production and distribution.

Back

Government makes all economic decisions, including production and distribution.

Front

Market Economy: A capitalistic system with free competition where prices are set by supply and demand.

Back

A capitalistic system with free competition where prices are set by supply and demand.

Front

Define Scarcity

Back

The state of being scarce or in short supply.