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Chapter 12

Chapter 12. Words to Know. Economic Systems. Economics The analysis of production, distribution and consumption of goods and services. (making, selling and buying) Free enterprise (capitalistic)

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Chapter 12

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  1. Chapter 12 Words to Know

  2. Economic Systems • Economics • The analysis of production, distribution and consumption of goods and services. (making, selling and buying) • Free enterprise (capitalistic) • Anyone can start or make a business, decide whom to hire and decide amount to pay. They must follow government regulations and rules.

  3. Goods and Services • Goods • Items that are made, bought and sold. • Services • Work people do to make money

  4. The World of Business • Proprietorship • A business with only one owner. • Partnership • A business with two or more owners. • Corporation • A business that has many people who invest in it.

  5. The World of Business • Supply and demand • When both the amount of goods available and the number of buyers affect the price. • Surplus • Goods left over after the demand is met. • Shortage • When there is more demand than the supply of goods.

  6. The World of Business • Minimum wage • The lowest amount of money a business can pay an employee. • Inflation • A rise in the general price level of goods and services.

  7. Working around the State • Food for the nation • The Fishing Industry • Logging Industry • Manufacturing • Computer Industry

  8. The Global Market • Exports • Goods shipped out for sale. • Commodity • Any useful thing that is bought or sold; products of agriculture, mining, or manufacturing.

  9. The Mighty Dollar • Debit Cards • A card where the cost of purchases will be subtracted from a bank balance without incurring interest. • Credit Cards • A card that authorizes purchases on credit and accumulates interest.

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