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Hopper – World Studies – Econ Unit
                                      Vocab Support Material


Barter - The direct exchange of goods or services between people.

Capital Resources - Goods or investment money used in the production of other goods

Command Economy - A system in which the basic economic questions are generally answered by the
government

Consumer - One who buys or rents goods or services and uses them

Demand - The number of consumers who desire the goods that are in supply

Economy - System by which goods and services are produced and distributed

Factors of Production - Natural resources, human resources, capital resources, and entrepreneurship
required to produce any food or service

Global Market - Development of an integrated global economy indicated by free trade, free flow of
capital, and the tapping of cheaper foreign labor markets

Human Capital – Knowledge, ideas, physical strength, experiences, and skills that enable workers to be
productive

Human Resources – people’s intellectual and physical abilities

Industrialization - An industrial revolution that resulted in social and economic change

Limited Resources - Lacking in goods and services or natural resources with which to develop goods and
services

Market Economy - Economic system that permits an open exchange of goods and services between
producers and consumers

Opportunity Costs - The highest valued alternative given up when a decision is made; the value of the
next best alternative that must be given up when a choice is made

Productivity - Amount of output per unit of input over a period of time

Region - An area with one or more common characteristics or features that give it a measure of
uniformity and make it different from surrounding areas

Scarcity - An economic condition that exists when demand is greater than supply

Traditional Economy - Economic system based on barter of goods and services

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Vocab Support Material

  • 1. Hopper – World Studies – Econ Unit Vocab Support Material Barter - The direct exchange of goods or services between people. Capital Resources - Goods or investment money used in the production of other goods Command Economy - A system in which the basic economic questions are generally answered by the government Consumer - One who buys or rents goods or services and uses them Demand - The number of consumers who desire the goods that are in supply Economy - System by which goods and services are produced and distributed Factors of Production - Natural resources, human resources, capital resources, and entrepreneurship required to produce any food or service Global Market - Development of an integrated global economy indicated by free trade, free flow of capital, and the tapping of cheaper foreign labor markets Human Capital – Knowledge, ideas, physical strength, experiences, and skills that enable workers to be productive Human Resources – people’s intellectual and physical abilities Industrialization - An industrial revolution that resulted in social and economic change Limited Resources - Lacking in goods and services or natural resources with which to develop goods and services Market Economy - Economic system that permits an open exchange of goods and services between producers and consumers Opportunity Costs - The highest valued alternative given up when a decision is made; the value of the next best alternative that must be given up when a choice is made Productivity - Amount of output per unit of input over a period of time Region - An area with one or more common characteristics or features that give it a measure of uniformity and make it different from surrounding areas Scarcity - An economic condition that exists when demand is greater than supply Traditional Economy - Economic system based on barter of goods and services