Pop quiz vocab Flashcards
1
Q
economics
A
the branch of knowledge concerned with the production, consumption, and transfer of wealth
2
Q
economic systems
A
is a system of production and distribution of goods and services within a society
3
Q
economy
A
is an area of the production, distribution and trade, as well as consumption of goods and services
4
Q
scarcity
A
short in supply
5
Q
labour
A
a force of production that refers to the work people do to produce goods and services
6
Q
capital
A
anything that confers value or benefit to its owner
7
Q
privately owned
A
a company that is not publicly traded
8
Q
publicly owned
A
a publicly-owned company or business is owned by the government
9
Q
public good
A
a commodity or service that every member of a society can use without reducing its availability to all others
10
Q
A
