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Economics
Revised OACS vocabulary for economics
15
Social Studies
5th Grade
11/27/2012

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Term
market economy
Definition
an economy where people are free to decide how to answer the three economic questions of what to make, how to make it, and for whom to make it.
Term
command economy
Definition
an economy where the government decides what to make, who will make it, and who will get it.
Term
profit
Definition
the money left over after a business pays its expenses.
Term
productive resources
Definition
there are four of these: natural and human resources, capital goods, and entrepreneurship.
Term
natural resources
Definition
source of things that come from nature that people use to create items to live and sell to make money.
Term
human resources
Definition
the services, knowledge, skills, education, and intelligence that workers provide.
Term
capital goods
Definition
(also called capital resources) the tools, machines, buildings, and other equipment that a business uses.
Term
entrepreneur
Definition
a person that uses productive resources to start a business who is willing to take risks by investing their time and money into a business that may or not be successful.
Term
interdependent
Definition
two people or groups that depend on each other for success.
Term
opportunity cost
Definition
the money or other benefit that is lost when deciding what to do; it is what someone gives up to get something else.
Term
scarcity
Definition
a lack of supply of some product that is in demand.
Term
producer
Definition
someone who makes or sells goods or services for consumers.
Term
consumer
Definition
someone who buys or uses goods or services.
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