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Economy
Civics chapter 13
16
History
8th Grade
05/05/2009

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Cards

Term
1. factors of production
Definition
resources for producing goods and services to satisfy people’s wants
Term
2. capital
Definition
anything produced in an economy that is used to produce goods and services
Term
3. consumption
Definition
the buying or using of goods and services
Term
4. opportunity cost
Definition
benefit given up when scarce resources are used for one purpose instead of another
Term
5. scarcity
Definition
when resources are always limited compared to the number and variety of wants people have
Term
6. quantity
Definition
how much
Term
7. technology
Definition
the practical application of science to commerce or industry
Term
8. traditional economy
Definition
an economy in which basic decisions are made according to custom
Term
9. command economy
Definition
the government or a central authority makes basic economic decisions
Term
10. market economy
Definition
an economy in which private individuals make their own decisions about production, distribution, and consumption
Term
11. mixed economy
Definition
an economy that is a combination of the three basic systems
Term
12. profit
Definition
difference between what it costs to produce something and the price the buyer pays
Term
13. invest
Definition
use your money to help a business get started
Term
14. free enterprise
Definition
system in which individuals in a market economy are free to undertake economic activities with little or no government control
Term
15. capitalism
Definition
system in which people make their own decisions about how to save resources as capital and use it to produce goods and services
Term
16. distribution
Definition
process by which goods and services are made available to the people who want them
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