SOL 11a Economics Vocab Flashcard

Front

Who are the people or companies that make, grow, or supply goods for sale?

Back

Producers

Front

What are materials that exist naturally and can be used for economic gain?

Back

Natural Resources

Front

What term describes people who make up the workforce to produce goods and services?

Back

Human Resources

Front

What are land, buildings, and equipment used to produce goods and services called?

Back

Capital Resources

Front

Who are the people that take the risk of production to earn a profit?

Back

Entrepreneurs

Front

What is the incentive or desire to work or form a business to gain profit or make financial gains?

Back

Profit Motive

Front

What term describes when there is not enough of something for the people who need or want it?

Back

Scarcity

Front

What is a Mixed Economy?

Back

A combination of a market and a command economy.

Front

In which type of economy are decisions made based on customs?

Back

Traditional Economy

Front

What are Goods?

Back

Things that are produced.