Word wallTraditional economy-A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces.

Market economy-A market economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand.

Supply and Demand-Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy.

Barter-exchange (goods or services) for other goods or services without using money.

Enterprise-enterprise is a project, a willingness to take on a new project, an undertaking or business venture.

Specialization-the act of specializing, or pursuing a particular line of study or work.

Capital Resources-Capital resources are goods made and used to produce other goods and services.

Command Economy-The command economy is a key feature of any communist society.

China, Cuba, North Korea and the former Soviet UnionProduction-the action of making or manufacturing from components or raw materials, or the process of being so manufactured.

Continuity- the unbroken and consistent existence or operation of something over a period of time.

Goods and Services-In economics, goods and services are the outcome of

human efforts to meet the wants and needs of people.Opportunity Cost-the loss of potential gain from other alternatives when one alternative is chosen.

Natural Resources-A natural resource is anything that people can use which comes from nature. People do not make natural resources, but gather them from the earth.

Consumers- person who purchases goods and services for personal use

Mixed Economy- An economic system that features characteristics of both capitalism and socialism.

Distribution- is the process of making a product or service available for use or

consumption by a consumer or business user, using direct means, or using indirect means with intermediaries.

Scarcity-the state of being scarce or in short supply; shortage.

Consumptions-the using up of a resource.

Economic Choices-is that choice made by the economic actor which reflects supply and demand relationships under scarcity.

Human Resources-the personnel of a business or organization, especially when regarded as a significant asset.

Producer- a person, company, or country that makes, grows, or supplies goods or commodities for sale.

BY: ASIA GANT MR.GREER4TH PERIOD