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Economics

Important Economic Vocabulary

TermDefinition
Scarcity People do not have enough resources to satisfy all their wants
Trade off A compromise to give up one thing in order to get another
Allocate Distribute or give out
Specialization When an area makes only a few goods that they have the best resources to make
Literacy Rate Percentage of population that can read
Life Expectancy How long someone is predicted to live
Imports Goods that a country buys and ships IN
Exports Goods that a country sells and ships OUT
Gross Domestic Product The value of all the goods and services produced within a country
Supply How much producers will make
Demand How much consumers will buy
Refinery A factory that processes petroleum for use as fuel
Competition When two or more sellers sell the same good or service
Price Supply and demand interact to determine this.
Market Type of economy in which people make production decisions about their own businesses
Command Type of economy in which the government makes all decisions about production.
Productive Resources Resources needed to produce a good or service: natural resources, capital goods, and human resources
Created by: Deaver