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economicterms
economic terms
| Question | Answer |
|---|---|
| scarcity | condition caused by people's unlimited wants and the relatively limited resources to meet those wants. |
| opportunity cost | what a person gives up when they choose one thing over another. |
| trade-off | accepting less of one thing to get more of something else |
| economic systems | the ways in which people(s)deal with the problems of scarcity and opportunity cost |
| money | anything that serves as a medium of exchange |
| markets | arrangements that allow buyers ans selers to meet and exchange goods or services |
| supply | different amounts of goods and services that will be offered for sale at a certain price for a certain amount of time. |
| demand | various goods and services that will be purchased at a certain price during a specific time period. |
| competition | more than one buyer or seller in the same market |
| gross domestic product (GDP) | the market value of all final goods and services produced by a country in one year. |
| unemployment | the number of people without a job actively seeking |
| inflation | an increase in the average price level of the of the enitre economy |
| deflation | a decrease in the average price level of the entire economy |
| monetary policy | actions that affect the amount of money and the cost of credit avaliable in the economy. |
| fiscal policy | changes in taxes or government spending that are designed to affect demand |
| exchange rate | the price of one nation's currency in terms of another |
| capital | the tools, equipment, and factories used in the production of goods and services. |
| factors of production | things needed to produce any good or service they are land, capital, labor, entrepreneurship |
| laissez-faire | means no government interference in the economy,french for allow them to do. |
| want | not a basic requirement for survival |
| need | a basic requirement for survival |
| good | a tangible commidity such as a book or car |
| consumer good | a good intented for final use by a consumer |
| capital good | a good used to make other goods (oven in a bakery) |
| durable good | lasts three years or more when used regularly |
Created by:
jessicaaguilera
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