Raw materials such as wood, iron, and ore are natural resources used to create other products.

Capitalism and socialism are no longer in their purest form. Each government system is the product of a mixed economy.

Additional Facts: 
1.
2.
a group of people who are legally authorized to form a single entity or business​



corporation​

​inside a country; not foreign


money received from labor or services​



domestic​


​earnings


​actions that promote the standard of living and economic health of a specific area
economic development​


​a disagreement between entities or individuals and how resources will be used

the right to take economic liberties and actions without unreasonable governmental interference
economic dispute​



economic freedom​

​the individuals who make up the work or labor force of an organization


human resources​


​a tax imposed by the government and paid by individuals and businesses for the income they receive


​the average income per person in a certain area


income tax​


per capita income​


money that is made after subtracting the cost of doing business, taxes, and other expenses


net income​


money that is made before subtracting the cost of doing business, taxes, and other expenses


money that a company makes by producing goods or providing services



gross income​


revenue​

taxes paid by a consumer for goods and services​


sales tax​




 people who do not have jobs and are actively seeking employment

where work is done by an employee in exchange for pay


unemployment



​employment
​a person or organization that hires and pays people to do work



​employer

​a person who is paid wages or a salary to do work


​someone who studies the development, distribution, and use of material wealth



​employee


​economist

the resource that makes
up people who work


​labor



​money or property owned or used in business

capital ​

an economic system where open competition is based on private ownership of business​

capitalism

a political system where all property and wealth are shared equally by all of the members of that society​

communism

a political system where the government provides goods and services for everyone in that country​

socialism ​

Social Studies:  Introduction to Economics - Flashcards


Use the flashcards to help you memorize the following terms and definitions. Then try the worksheets shown on the Social Studies Homepage. Once you are ready to quiz yourself, click the Quiz link.
a person who takes on financial risk to start a business for profit ​

entrepreneur