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

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

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


​inside a country; not foreign

money received from labor or services​



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

​a disagreement over how resources will be used

​society's right to undertake economic direction 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 levied 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​

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

net income​

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

​the money that a company makes by producing goods or providing services

gross income​


taxes paid by a consumer for goods and services​

sales tax​

​the term that describes people who do not have jobs and are actively seeking employment

​the term that describes where work is done by an employee in exchange for pay


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


​a person paid wages or a salary to do work

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



the resource that makes
up people who work


​money or property owned or used in business

capital ​

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


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


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

socialism ​

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Social Studies:  Introduction to Economics - Flashcards