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Basic Economics
7th grade Humanities Intro to Economics
| Term | Definition |
|---|---|
| agricultural production | cultivation of crops and livestock for food (milk, veggies, meat, grains,etc.) or related products like clothing |
| barter | trading of good or service for another good or service instead of money payment |
| climate | average temperature and precipitation of a region. In economics, it influences what activities, lifestyles and crops can be supported in this area |
| consumption | using goods and services |
| cottage industry | small scale production of items out of the home, for barter or individual sale |
| cultures | shared beliefs, morals, customs, traditional practices and a common language. All of these together create help create a group's way of life |
| currency | paper money or coin given in payment. Generally country- specific (except for Euro in Europe) |
| demand | how much an item/service is desired at a given time |
| distribution | how people get access to goods and services |
| economics | science that deals with the production, distribution, and consumption of goods and services. Answers the questions of who, how and what will be produced. |
| exchange of resources | natural resources are unevenly distributed across the earth. Cultures must interact with each other to import and export goods. |
| goods | objects that satisfy people's wants |
| industrial production | manufacture of goods from various resources. Ex. : cars, soda, boots |
| marketplace | somewhere buyers and sellers meet and do business |
| mass production | large scale manufacture of goods usually in a factory setting |
| natural resource | resource provided by nature and used in production like timber, water, oil, soil, minerals and animals. These determine what what materials are available for economic production and are unevenly distribute across the globe |
| profit | monetary benefit from the sale of a good (after costs of production and labor are accounted for). This drives a market or capitalistic economy. |
| production | how goods are created and services performed |
| resource | something that is useful |
| scarcity | situation that occurs when wants are greater than our ability to satisfy the wants |
| services | actions that help other people. It would include physical or intellectual activities or tasks ex. carwash, nail salon |
| shortage | situation that results when the quantity demanded is is greater than the quantity produced |
| subsistent needs | the most basic requirements needed to survive. food, shelter, clothing, water |
| supply | how much of a good or service a producers are willing and able to produce at a given time |
| surplus | an overage; more of a good/ service is produced than was demanded |
| technology | designed to increase production and/or efficiency. Ex.: tools, machines, improved materials, plans or procedures that aid in the production of goods and services |
| topography | physical features of the land. This influences how it can be used in production by the people that lived there Ex. flat, fertile soil is ideal for farming |
| tariff | tax on imported goods, a protected one is used to protect the home country's industries from much cheaper foreign competition |
| quota | the amount of product produced in a given amount of time. Example: 10 t-shirts in an hour. This is a motivator in a command economy. |
| GDP | Gross Domestic Product- the total value of all goods and services conducted in a country during a specific time frame |
| GDP/ PPP | The total amount of all goods and services or business in a country divided by its population, aka per person, used as a standard of living indicator |
| Mixed Economy | has characteristics of both market and command. This economy exists on a continuum, The government plays some role in the economy |
| Market | also called capitalism or free market economy. The individual company owner makes all decisions and the government plays no role in the economy, this style is driven by competition |
| Command | also called communism where all decisions about the economy are made by the government |
| Traditional | small-scale economy that features barter and resources are limited by geography, local leader makes decisions about economy |
| standard of living | how comfortable it is to live in a country. The GDP/PPP is used as an indicator of the quality of life in a particular country |
| Trade War | series of retaliatory tactics such as quotas or tariffs designed to help one country's trade and damage another's |
| Socialism | a planned style of economy that allows for individual property ownership but major economic functions are managed by the state |
| opportunity cost | what one gives up when you make a decision. If one chooses a cherry pie, he/she gives up the possibility of a blueberry piece |
| factors of production | capital, labor, entrepreneurship and resources |
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