Vocabulary List

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Vocabulary List

*              IMPORTANT WORDS TO KNOW

Capitalism:

An economic and social system in which most trade and industries are privately controlled for profit, rather than by the state.

 

Common Good:

 Benefitting a community or society as a whole.

 

Incentive:

A reward that affects decision making.

 

Opportunity cost:

The value of the best alternative given up

 

Representative democracy:

A type of democracy in which citizens delegate authority to elected representatives

 

Scarcity:

The condition of not being able to have all of the goods and services that one wants