1. Economics
Pertaining to the production, distribution, and use
of income, wealth, and commodities.

2. Traditional Economy
An economic system in which decisions about
production and consumption are based on
custom and tradition.

3. Free Enterprise System
An economic system in which people are free to
operate their businesses as they see fit, with little
government interference.

4. Capitalism
An economic system based on private ownership
and on the investment of money in business
ventures in order to make a profit.

5. Command Economy
An economic system in which economic decisions
about production and distribution are made by
some central authority

6. Laissez Faire
A policy based on the idea that government
should play as small a role as possible in the
economy

7. Consumer
A person who uses goods or services

8. Good
An article of trade. A product created to satisfy a
human want.

9. Commodity
A good that is the same no matter who produces
it.

10. Service
Work done by one person or group that benefits
another but does not produce a physical product

11. Capital
Any form of wealth that can be used to produce
more wealth

12. Capital Resource
A tool, machine, or building that people use to
produce goods and services. It also includes
money.

13. Human Resource
The people who make products or provide
services (the most expensive part of producing
goods and services)

14. Natural Resource
Any material in nature that people use and value

15. Opportunity Cost
The best alternative that is given up, when a
choice or decision is made.

16. Entrepreneur
A person who risks time and money to start and
manage a business.