AR History Chapt. 4 Flashcards
Products or items that have economic value or satisfy a want
Goods
Available items or goods or a naturally occurring supply such as petroleum
Resources
The quality of being rare or difficult to obtain
Scarcity
Abundance, excess, or leftover goods or money
Surplus
A financial system in which goods, products, and many services are privately owned and operated (not by government) and in which businesses, trade groups, and organizations are encouraged and expected to compete for consumers and profit
Capitalism
The total amount of money or revenue created in a state each year or the whole value of the state’s production of all goods and services each year
Gross State Product
Portions, areas, parts, or subdivisions of a group or workforce
Sectors
A system for exchange of goods and services whether through barter or buying and selling
Economy
A structural division used to organize and manage groups of schools
District
Taking place yearly, once per year
Annual
Per unit of population, counted for each person or person by person
Per Capita
