1. Economics Vocabulary

2. 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.

3. Demand
Condition that occurs when people want more than businesses can provide

4. Traditional Economy
An economy in which people do the same kinds of work they have always done.

5. Interdependence
Relationship between countries whose economies rely on one another for trade

6. Production
The creation of a good

7. Market Economy
Economic system in which businesses are owned and run by those free to make about production

8. Bringing a product into a country to be sold
Import
Bringing a product into a country to be sold

9. Command Economy
Economic system in which the government owns all resources and controls business

10. To send a product to another country to be sold.
Export
To send a product to another country to be sold.

11. 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.

12. Way people decide how to use resources to meet their needs.
Budget
Way people decide how to use resources to meet their needs.

13. The amount of available goods.
Supply
The amount of available goods.

14. Division of Labor
A process in which a worker or group of workers is assigned a task in order to increase production.