Community%20and%20Economy

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Community and Economy

• What is a community?

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Citizen

• A member of a town, city, county (parish), state,
  or country

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Community

• A place where people live, work, trade, and share

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Trade

• Exchange of goods and services

FFine, Ill trade you my shoe.
If you need to borrow a pencil, I need something
in return
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Business

• A company that sells goods and/or services

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Right

• The freedom to act in a certain way.

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Responsibility

• A duty

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Community and Economy

• What is an economy?

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Circular flow

• A model of the movement of goods, services,
  resources, and money in an economy

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Consumer

• Person who buys and uses goods and services

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Goods

• Things people buy and use

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Services

• Work done for others, such as haircuts or car
  repairs

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Resources

• Things and people used to produce goods and
  services

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Human Resources

• The skills and abilities of workers used in
  production

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Natural Resources

• Things used in production that occur naturally in
  the world, such as water

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Capital Resources

• Resources made by people, such as factories

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Entrepreneur

• A person who uses resources to start a business

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Ethics

• The standards that help determine what is good,
  right, and proper