Economy - The wealth and resources of a civilization; how people make decisions given the wealth and resources that they have, Traditional Economy - An economic system based on customs and beliefs where people tend to do the same work as their parents; exchange of goods is done through bartering, Command Economy - An economic system where the government determines goods produced and sets prices, Market Economy - An economic system where individual buyers and sellers make all decisions regarding the buying and selling of goods, Mixed Economy - A combination of market and command economies; both private business and the government make economic decisions, Trade - Action of buying and selling goods and services, Bartering - Trading without using money, Supply and Demand - Relationship between the amount of a good that producers with to sell at various prices and the amount that consumers with to buy, Scarcity - The shortage of supply; unlimited human wants in a world of limited resources, Consumer - A person who buys goods and/or services, Surplus - Having more than is immediately needed, Natural Resources - Things from nature that people can use such as trees, water, air, minerals, animals, etc, Human Resources - Are the people who make and sell your products, Capital Resources - Are tangible goods that are used to create additional goods rather than be purchased by consumers, Merchant - A person who buys and sells goods, Silk Road - Ancient trade route used for trade and commerce to various empires and kingdoms, Caravan - A group of people, especially traders, traveling together to provide protection and assistance, Bandits - criminals who attack and seal from travelers and who are often members of a gang, Import - Bringing goods or services into a country from another country for sale, Export - Sending goods or services to another country for sale,

Economics Vocab

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