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Economics Vocabulary
VOCAB.
10
Economics
12th Grade
01/27/2009

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Term
entrepreneurship
Definition
the ability to combine land, labor and capital to produce goods and services; requires initiave, risk taking, and organizational abilities.
Term
Land
Definition
natutal resources utilized in the production process; land, crude oil, water, vegetation, minerals, etc.
Term
Labor
Definition
the human resource in production; human mental and/or physical efforts exerted in the production of goods and services.
Term
Capital
Definition
goods used to produce other goods in the production process: machines, equipment, tools, the factory, etc.
Term
Traditional Economy
Definition
customs or traditions which are the basis for deciding the questions of what, and for whom.
Term
Command Economy
Definition
the what, how, and for whom questions are answered by central economic planners( government policymakers)
Term
Market Economy
Definition
reliance on a system of prices (established by the interaction of the forces of supply and demand) guides economic decision-making
Term
Scarcity
Definition
the limitation of products;
Term
factors of production
Definition
resources used to produce goods and services.
Term
Trade-Off
Definition
is basically an exchange- to get something, you have to give up something.
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