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Geography Vocabulary

TermDefinition
Economics Study of money
Scarcity An item is limited but the peoples want is unlimited.
Supply and Demand When supplies begin to run out and there is a demand for that item, the price will go up. If there is a lot of supplies and no one is demanding it, the item will be priced cheaply.
Specialization To do a particular thing and get really good at it.
Producers People or make goods or items for sale
Service Industry A business that does not provide items but instead non-tangible goods.
Capital Resources Something man made that is used in producing things.
Profit When a business makes so much money there is extra money even after paying for all the expenses.
Goods Items for sale.
Gross Domestic Product Represents the total dollar value of all goods and services produced over a specific time period for a country.
Investment To save goods or money so that in the future you can use it to create wealth.
Government a group of people that have control of an area.
Rule of Law There are set, written laws that oversee a country. Write down the laws and post them.
Limited government A type of government that has a limit to its powers. It must follow the rules, too.
Unlimited government A type of government that is above the law. An example could be a King.
Geography Study of Earth.
Continent Large piece of land. 7 on earth.
Inflation When the overall prices for goods and services goes up. As inflation rises, every dollar you own buys a smaller percentage of a good or service.
Country Found on continents. Region with set government. (These are the puzzle pieces that make a continent.)
Ecosystem All the living things in a certain area
Created by: cheriset