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S. Studies WOW 1-2

1st 9 Weeks Group 2Vocabulary for Social Studies

QuestionAnswer
traditional economy decisions are made based on customs, beliefs, religion, and habits
command economy a central authority plans and controls price and production levels
market economy decisions are based on supply and demand, and prices of goods and services are determined in a free price system
Gross Domestic Product the total market value of all goods and services that are produced within a country during a given period
capital money or other assets owned or used in operating a business
entrepreneur a person who organizes and operates a business and businesses
natural resources materials or substances that occur in nature and can be used for economic gain
Created by: sfelder
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