New Chapter means New Vocab!
- Economic System النظام الاقتصادي: how a nation uses its resources to satisfy its people’s needs and wants.
- Society المجتمع: a group of people in an area
- Traditional Economy الاقتصاد التقليدي: use of scarce resources are based on customs, ritual, or habits
- Advantages المزايا: something good/positive/helpful
- Disadvantage العيب: bad/negative/hurts
- stagnation: not changing
- Command Economy قيادة الاقتصاد: central authority (government) makes all major economic decisions
- restricts يقيد: stops
- bureaucracy: government does everything
- Market Economy اقتصاد السوق: the people make their own decisions for their best interests
- Market – السوق: place where buyers and sellers exchange goods and services
- Capitalism الرأسمالية: where citizens own the factors of production and decide their use (private businesses)
- inability – عدم القدرة: not able to do something
- competition – المنافسة: trying to make more money than others
- Mixed Economy – الاقتصاد المختلط: economy with a combination of traditional, command, and market economies
- Socialism: Mixed system where the government owns some factors of production and also provides for its people’s basic needs
- Communism: all production owned by the government
- strict صارمة: demanding
- collectively – جماعيا: working together
- inefficient – غير فعالة: wasting time, failing to produce
