Module 5 Economics

3. human time, skills, effort and talent to make goods and services
4. combine elements of traditional, command and market economies all in one, the most common economic system in the world
5. the govt decides what, how, when, and how much to produce, what to sell it for and how much to pay the workers
7. 66% of world population lives in these countries that have less productive economies and lower quality of health care, education and live overall
10. someone who takes a risk financially and personally to start a business
14. based on long established customers, the work is focused on survival
16. Occurs when there are not enough resources to meet people's needs or wants
19. a person who purchases goods and services for personal use; their decisions drive supply and demand
21. money left over after all cost of production is paid for
22. these four factors are basic economic resources that are needed for basic goods and resources
23. activities provided by others that you pay a fee

1. provide raw materials needed to produce goods
2. these countries are very industrialized, have strong economies and best healthcare and education in the world
6. goods used to make other goods and services
8. the amount of good or service a business is willing and able to produce
9. the desire for a good or service and the amount people are willing to pay for it
11. occurs when people are free to exchange goods and services, choose their careers, own a business with little government intervention
12. the value of ALL goods and services produced within a country in a single year; helps tell the story of how successful a country is
13. tangible products you can touch, eat, use, smell, see
15. based on private ownership, free trade and competition, prices are determined by supply and demand
17. is the study of economies
18. a way in which a society organizes the production and distribution of goods and services
20. a system of producing, buying and selling of goods and services