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Economics Vocabulary
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Economy thrifty management; frugality in the expenditure or consumption of money, materials, etc. Economics pertaining to the production, distribution, and use of income, wealth, and commodities.
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Demand Condition that occurs when people want more than businesses can provide
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Traditional Economy An economy in which people do the same kinds of work they have always done.
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Interdependence Relationship between countries whose economies rely on one another for trade
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Production The creation of a good
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Market Economy Economic system in which businesses are owned and run by those free to make about production
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Bringing a product into a country to be sold
Import Bringing a product into a country to be sold
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Command Economy Economic system in which the government owns all resources and controls business
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To send a product to another country to be sold.
Export To send a product to another country to be sold.
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Businesses that make one kind of good or offer the same services.
Specialization Businesses that make one kind of good or offer the same services.
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Way people decide how to use resources to meet their needs.
Budget Way people decide how to use resources to meet their needs.
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The amount of available goods.
Supply The amount of available goods.
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Division of Labor A process in which a worker or group of workers is assigned a task in order to increase production.
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