GMSE Economic Vocabulary

Branch of social science that deals with the production, distribution, and consumption of goods and services

• economics

• social studies

• physical science

• political science

these can be totally replaced or replenished

• renewable resources

• nonrenewable resources

• digital resources

• depleted resources

these cannot be totally replaced or replenished

• renewable resources

• nonrenewable resources

• digital resources

• depleted resources

resources distributed through families

• traditional economy

• command economy

• market economy

• mixed economy

resources distributed by the government

• traditional economy

• command economy

• market economy

• mixed economy

resources are privately owned and distributed

• traditional economy

• command economy

• market economy

• mixed economy

blend of several economic systems together

• traditional economy

• command economy

• market economy

• mixed economy

How much of a good is available.

• supply

• demand

• competition

• scarcity

• price

How much desire there is for an item.

• supply

• demand

• competition

• scarcity

• price

Buyers want the same product or sellers sell the same product.

• supply

• demand

• competition

• scarcity

• price