Chapter 3 Economics Vocabulary SS6E1, SS6E2, SS6E3

Front

An area that is largely countryside; this is in contrast to an urban (i.e., city) area

Back

rural

Front

related to cities

Back

urban

Front

Technology, factories, & machines that are used to make/sell goods & services.

Back

Capital Goods

Front

Education, healthcare, & training of a country’s workers

Back

Human Capital

Front

Someone who takes a risk and starts a new business or invents a new product.

Back

Entrepreneurship

Front

Materials from the Earth that are used to support life and meet people's needs.

Back

Natural Resources

Front

•Mix of command and market systems
•Most democratic nations have this type of economic system

Back

Mixed Economy

Front

-Private businesses & individuals make all economic decisions without government interference
-Works on supply & demand

Back

Market Economy

Front

Government makes all economic decisions. Examples: Cuba, China, North Korea, former Soviet Union

Back

Command Economy

Front

Economic decisions are based on customs and beliefs of the past. Uses bartering to exchange goods. Examples: tribes in Africa, Inuit in Canada.

Back

Traditional Economy