Vocabulary

GEOGRAPHY

Livestock: The horses, cattle, sheep, and other useful animals kept or raised on a farm or ranch

Goods: Possessions movable effects or personal property.

Currency: Money in circulation as a medium of exchange in a country

Herd: A number of animals feeding, traveling, or kept together;

Forestry: The science of planting and taking care of trees and forests.

Mining: The act, process, or industry of extracting ores, coal, etc., from mines.

Workforce: The total number of workers in a specific undertaking

Wholesale: The sale of goods in quantity, as to retailers.

Retail: The sale of goods to individual consumers

Inflation: A steady rise in the level of prices

Employment: An act or instance of employing a person or thing

Unemployment: The state of being unemployed involuntarily

Economic Activities: Actions that involve the production, distribution and comsumption of goods and services at all levels within a society

Economic Goods: Products and services generated by economic activity

Factors of production: Resources that are required for the generation of economic goods

Capital: Money, buildings and machinery and equipment used to produce goods and services. Payment for investing capital is called interest.
Economic system: Ways in which a country produces, organises, distributes and administers its material and human resources, and the economic goods that these generate, in order to provide for a high level of well-being

Capitalism: An economic system in which investment in and ownership of the means of production and distribution are privately or corporately owned.

Communism: A theory or system of social organization based on the holding of all property in common, with ownership by the state. This system has never worked out

Ore: A metal-bearing mineral that can be mined at a profit, or a mineral or natural product serving as a source of some nonmetallic substance, as sulfur

Scarce: Insufficient or rarely found or seen

Retail: The sale of goods to individual consumers

Wholesale: The sale of goods in quantity, as to retailers

Entrepreneurship: A person who organizes and manages an enterprise, esp. a business, usually with considerable daring, skill, and financial risk.
Entrepreneur: A person who organizes and manages an enterprise, esp. a business, usually with considerable daring, skill, and financial risk.

Wages: Money paid or received for work or services

Steel: A form of iron made with carbon.

Offshore: At a distance from the shore