Economics Vocab list

In a Command economy, one organization decides what goods are produced and how much stores will charge for these goods.

2. Economics is the study of how people seek to satisfy their many needs and wants by making choices.

3. To Prioritize is to make a list whether it is a mental list or a physical one and put your priorities or needs first and your wants last.

4. Tangible is to be capable of being touched or felt by senses.

5. Land is natural resources that are used to make good and services.

6. Profit is the financial gain made in transaction.

7. Goods are physical objects such as clothes or shoes.

8. Guns or Butter.

9. Middleman a person who serves as an agent between the producer of a product and the consumer.

10. Butter or Guns.

11. Consumption is to buy or bring something into your everyday life.

12. Market i...