Reid 5 Economic Basics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| economics | study of how people meet their wants and needs
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| supply | amount of a good or service that is available for use
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| scarcity | having a limited quantity of resources to meet unlimited wants
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| producer | person or business that makes and sells products
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| opportunity cost | cost of what you have to give up when making a choice
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| consumer | person or business that buys, or consumes, products
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| demand | desire for a particular good or service
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| incentive | factor that encourages people to behave in a certain way
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| market | organized way for producers and consumers to trade goods and services
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| competition | struggle among producers for consumers' money
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| profit | money a company has left over after subtracting the costs of doing business
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| inflation | general increase in prices
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| revenue | money earned by selling goods and services and by taxes
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| recession | zero or negative economic growth for six or more months in a row
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| specialization | act of concentrating on a limited number of goods or activities
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| traditional economy | economy in which people make economic decisions based on their customs and habits
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| mixed economy | economy that combines elements of traditional, market, and command economic systems
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| market economy | economy in which individual consumers and producers make all economic decisions
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| command economy | economy in which the central government makes all basic economic decisions
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| development | country's economic growth and quality of life
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| developed country | country with a strong economy and a high quality of life
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| developing country | country with a less productive economy and a lower quality of life
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| gross domestic product (GDP) | total value of all goods and services produced in a country in a year
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| productivity | amount of goods and services produced given the amount of resources used
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| technology | practical application of knowledge to accomplish a task
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| trade | exchange of goods and services in a market
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| export | good or service produced within a country and sold outside the country's borders
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| import | good or service sold within a country that is produced in another country
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| tariff | tax on imports or exports
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| trade barrier | something that keeps goods and services from entering a country
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| free trade | removal of trade barriers
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| budget | plan that shows income and expenses over a period of time
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| saving | setting aside money for future use
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| interest | price paid for borrowing money
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| credit | arrangement in which a buyer can purchase something and pay for it over time
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| investing | act of using money in the hopes of making a future profit
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| stock | share of ownership in a country
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| bond | certificate issued by a company or government promising to pay back borrowed money with interest
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