Economy Flashcards by Mrs. Thomas | Brainscape

Q

Tradional

A

Business and ways passed down through families

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Q

Command

A

Economy controlled by government

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Q

Mixed

A

Several different types of economies together as one

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Q

Market

A

Free economy

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Q

Goods

A

Anything that can be bought

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Q

Service

A

Goods you can buy provided by people

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Q

Scarcity

A

Low abundance of something

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Q

Poverty

A

Poor and low standard of living

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Q

Human capital

A

The knowledge and skills people have

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Q

Currency

A

Type of money used in a country

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Q

Capital

A

Is a resource

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Q

Natural Resources

A

Resources from nature

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Q

Entrepreneurs

A

A person who takes a risk and starts a business

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