Economics 23-24

Exchange goods without involving money.

People who work to produce goods and services

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain

goods made, not to consumed, but to make other goods and services. Machines, and tools are capital goods as well as infrastructure.

an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

Economic decisions are made by individuals or the open market.

An economic system in which the government controls a country's economy.

An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.

Cost of the next best alternative use of money, time, or resources when one choice is made rather than another

the buying and selling of goods

A situation in which unlimited wants exceed the limited resources available to fulfill those wants

Emperor of the kingdom of Mali in Africa. He made a famous pilgrimage to Mecca and established trade routes to the Middle East.

City on the Niger River in the modern country of Mali. It was founded by the Tuareg as a seasonal camp sometime after 1000. As part of the Mali empire, Timbuktu became a major major terminus of the trans-Saharan trade and a center of Islamic learning.

Gold and salt made up trade and wealth in the African kingdoms because the Europeans wanted gold, and the Africans needed salt