Economics Social Studies Class

Term Definition
Economy The production, trade, and the consumption of goods/services in an area
Market Economy Individuals that control their production, producing, buying, and selling
Commaned Economy Government controls all means of production
Mixed Economy Some government regulation and some individual ownership
Factors of Production Land, labor, or capital 1
Labor Are people who five you a finished product, it can be physical or mental
Physical Capital What tools, machines, and factories you need to create your product
Entrepreneurs They are the idea people
Capital Goods Goods used by a buisness to make consumer goods (Factory, Tools)
Services Is an action that person does for someone else (Babysit, House Clean)
Oppurtunity Cost What you have to give up/go without
Consumer Goods Goods sold to people (Burger, Hot Dog)
Land Is what raw materials are used to produce a product
Traditional Economy Economic system where people make foods and goods for themselves (Simple, Rural, LDC?s

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