Terms : Hide Images
| 1014156081 | Economist | A person who studies systems of production and consumption (What to produce, how to produce, who are we producing it for? How much are you producing?) | 0 | |
| 1014156082 | Natural Resources | A valuable, limited material found in nature used in manufacturing such as wood, coal, and oil. | 1 | |
| 1014156083 | Capital | Money, tools and technology that is required to operate business | 2 | |
| 1014156084 | Needs | Things humans must have to survive (EX: Food, water, clothing, shelter) | 3 | |
| 1014156085 | Wants | Things people would like to have but are not necessary for survival (luxury items) | 4 | |
| 1014156086 | Means of Production | How something is being made (i.e. by hand, machine, factory) | 5 | |
| 1014156087 | Interdependence | Relying on another country or nation for a product that you cannot provide for yourself (Romans imported wheat from Egypt, while Rome supplied wine) | 6 | |
| 1014156088 | Scarcity | Not enough of something (resources) (Too small of a supply) | 7 | |
| 1014156089 | Traditional Economy | Economy based on past practices (ex: farming, hunting and gathering) | 8 | |
| 1014156090 | Paleolithic Era | Time period characterized by hunting and gathering (Old Stone Age) | 9 | |
| 1014156091 | Neolithic Revolution | Turning point in history where people learned how to farm ("New Stone Age") farming and domestication of animals | 10 | |
| 1014156092 | Agrarian | A farming or agricultural society | 11 | |
| 1014156093 | Manoralism | Economic system of the middle ages where the manor is self-sufficient and produces everything it needs to survive (the economic portion of feudalism) | 12 | |
| 1014156094 | Barter System | A system of trade in which goods are exchanged instead of money | 13 | |
| 1014156095 | Self-sufficient | Relying on oneself to produce everything needed to survive | 14 | |
| 1014156096 | Commercial revolution | Time period after the Crusades that brought new economic ideas and practices to Europe (leads to the rise of capitalism) | 15 | |
| 1014156097 | Merchants | People who buy, sell and trade goods for a living | 16 | |
| 1014156098 | Artisans | Skilled workers who specialize in making a specific thing for a living (ex: blacksmith, carpenter aka: CRAFTSMEN/WOMEN) | 17 | |
| 1014156099 | Guilds | Trade association (union) of craft workers and merchants that sets standards on prices and quality | 18 | |
| 1014156100 | Joint Stock Companies | A company that sells shares Stock to investors who share in the profits and losses. | 19 | |
| 1014156101 | Interest Rate | The rate a bank charges for a loan | 20 | |
| 1014156102 | Market Economy: | An economy based on free trade and supply and demand. Businesses (producers) and consumers drive prices, quantity and quality | 21 | |
| 1014156103 | Capitalism | An economic system based on the private ownership of the means of production and the distribution of goods. (Capital investment by private owners) | 22 | |
| 1014156104 | Free trade | The elimination of trade barriers (tariffs or taxes on imports) between nations | 23 | |
| 1014156105 | Laissez-faire | A government's policy allowing business to operate with little or no government interference (HANDS OFF) | 24 | |
| 1014156106 | Adam Smith | Economists who wrote the book, "Wealth of Nations;" He believed in free trade and Laissez-Faire economics | 25 | |
| 1014156107 | Stock | A share of a company | 26 | |
| 1014156108 | Competition | Struggle of producers competing for the money of consumers | 27 | |
| 1014156109 | Entrepreneur | A person who invests money to start his/her own business; A risk taker | 28 | |
| 1014156110 | Supply | The quantity of goods and services a business makes available at a given price | 29 | |
| 1014156111 | Demand | The quantity of goods and services that a consumer is willing to pay at a given price | 30 | |
| 1014156112 | Profit: | Financial gain (Money made in business after expenses) | 31 | |
| 1014156113 | Industrialism: | Large-scale industry or factories (Mass production of goods | 32 | |
| 1014156114 | Monopolies | Complete control of a product or business by one person or group. | 33 | |
| 1014156115 | Communism | A system of government (political system) in which a single, totalitarian, party holds power. It is characterized by state control of the economy | 34 | |
| 1014156116 | Command Economy | An economy that is planned and controlled by a central administration, as in the former Soviet Union. (Economic system for a communist state) | 35 | |
| 1014156117 | Socialism | Political theory that society as a whole should control the means of production such as factories and land | 36 | |
| 1014156118 | Nationalization | When the government takes over a farm, business or industry (ex: Soviet Union) | 37 | |
| 1014156119 | Karl Marx | German political philosopher and writer. He wrote The Communist Manifesto, which described socialism, which is the basis for modern communism. | 38 | |
| 1014156120 | Proletariat: | A term Karl Marx used to describe the working class (Marx predicted that this class would lead a revolution that would overthrow the Bourgeoisie); The HAVE NOTS or poor | 39 | |
| 1014156121 | Bourgeoisie | A term Karl Marx used to describe the middle class of society; The HAVES or rich | 40 | |
| 1014156122 | Mercantilism: | Economic system in Europe during the colonial period. The Mother country or colonial power benefits as the colony serves as a source of raw materials, and a market for finished goods. | 41 | |
| 1014156123 | Colony | An area that is subservient to a mother country's economic needs | 42 | |
| 1014156124 | Favorable Balance of trade | The economic goal of all modern countries. The ability to export more goods than is imported. (More $ is earned, than spent) | 43 | |
| 1014156125 | Economic System | Systems that determine production and consumption of goods or materials of an area, region or nation | 44 | |
| 1825649444 | Meritocracy | Leadership by able and talented persons. An elite group of people whose progress is based on ability and talent rather than on class privilege or wealth. | 45 | |
| 1825649445 | Ascribed Status | the social position assigned to a person on the basis of age, sex, race, etc. | 46 |
