agriculture - obtaining raw material from the ground, manufacturing - making goods/products from raw materials, services - performing a task for a person or business, wholesale - selling products in large quanities, retail - selling products to consumers, supply and demand - the price of a good depends on how much people want it and how much there is of it, scarcity - when resources and products are in low supply, communist economy - an economic system in which the government plans/controls a country's economy, global interdependence - countries are dependent upon each other to supply raw materials, goods and services that they need, free enterprise economy - an economic system where citizens and businesses make most economic decisions and the government plays a limited role, socialist economy - an economic system in which SOME industries are controlled by the government , export - materials, products or services SOLD to other countries, entrepreneur - person responsible for creating ideas using goods, labor, and resources, capital goods - man-made items like tools, factories, and machines, imports - materials, products, or services BOUGHT from other countries, labor - any form of human work, urbanization - a population shift from rural to urban areas, per capita - the average amount of money each person in a country or city earns in a year - can be used to determine standard of living, gross domestic product - the total value of all the goods and services a country produces in a year, standard of living - refers to the level of wealth, material goods and infrastructure available to people in a country, state or city,

World Cultures Economics Vocabulary

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