ECONOMICS VOCABULARY(answer key) 1.CAPITAL- previously manufactured goods used to make other goods and services 2.COMPETITION- the struggle that goes on between buyers and seller to get the best products at the lowest prices 3.COMMAND ECONOMY- an economic system in which the major economic decisions are made by the central government 4.CONSUMERISM- a movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers 5.DIVISION OF LABOR- the breaking down of a job into separate, smaller task to be performed individually 6.ECONOMIC INTERDEPENDENCE- a reliance on others, as they rely on you, to provide goods and services to be consumed 7.ECONOMIC MODEL- simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future 8.ECONOMICS- the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants 9.
