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Economics Terms One

Economic Vocabulary Terms for Review

QuestionAnswer
Consumer The buyer or user of a good or service.
Producer The maker of a good or provider of a service.
GDP The value of all goods and services produced yearly in a country.
Opportunity Cost The value of a choice you pass up when making any decision.
Command Type of economy where the government makes all economic decisions and controls all resources.
Developed Country A country with many industries, high technology, high GDP, and a high standard of living for its people.
Embargo A complete stopping of trade with another country or a government order preventing ships from entering or leaving a country’s ports.
Specialization When countries focus on producing certain goods to be able to make them more efficiently and quickly.
Diversify To add variety to something.
Globalization The process where countries are linked together through trade.
Quota An amount or allotment allowed or expected.
Traditional Type of economy is based on trade and customs of the people.
Developing Country A country that has few industries, low technology level, low GDP, and a low standard of living.
Free Trade Trade that is not limited by any barriers.
Market Type of economy where all economic decisions are made by producers and consumers.
Entrepeneur A person who begins a project (usually a business), especially when it takes initiative and has risk.
Profit The gain in value after subtracting expenses.
Demand The amount of goods or services wanted in a market.
Mixed Type of economy has some government controls, but also gives freedoms to producers and consumers.
Scarcity Not enough for all wants/needs.
Supply The amount of goods and services available to consumers.
Tariff A tax or toll that the government places on imports or exports.
Imports Products that are bought by a country from other countries.
Surplus Extra or more than what is necessary to meet needs.
Trade Barriers The methods countries use to control trade.
Exports Products sold by a country to other countries.
Created by: Shaver on 2012-02-29



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