Community and Economy Vocabulary- JA Biztown

A ________________ is a place where people live, work, trade, and share.

• Citizen

• Communiy

• Right

• Responsibility

A ___________ is a member of a city, county, state, or country.

• Resource

• Business

• Citizen

• Scarcity

A business is _________________

• a freedom to act in a certain way

• a member of a community

• a system which economic decisions are made

• a company that sells goods or services

__________ is a system which economic decisions are made in markets with little government influence.

• Business

• Free Enterprise

• Community

• Circular Flow

People and things needed to produce goods and services.

• Resources

• Goods

• Services

• Circular Flow

Things people buy and use.

• Resources

• Goods

• Services

• Circular Flow

Work done for others, such as haircuts and car repairs.

• Resources

• Goods

• Services

• Circular Flow

A type of resource which occurs naturally in the world

• Human Resouces

• Capital Resources

• Natural Resources

A type of resource made by people and used to produce goods and services

• Natural Resources

• Human Resources

• Capital Resources

The labor, skills, abilities of workers used to make a product or service

• Human Resources

• Capital Resources

• Natural Resources