Economy Flashcards
1
Q
Tradional
A
Business and ways passed down through families
2
Q
Command
A
Economy controlled by government
3
Q
Mixed
A
Several different types of economies together as one
4
Q
Market
A
Free economy
5
Q
Goods
A
Anything that can be bought
6
Q
Service
A
Goods you can buy provided by people
7
Q
Scarcity
A
Low abundance of something
8
Q
Poverty
A
Poor and low standard of living
9
Q
Human capital
A
The knowledge and skills people have
10
Q
Currency
A
Type of money used in a country
11
Q
Capital
A
Is a resource
12
Q
Natural Resources
A
Resources from nature
13
Q
Entrepreneurs
A
A person who takes a risk and starts a business
