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core concepts 5
social sstudies
| Question | Answer |
|---|---|
| economics | the study of how people meet their wants and needs |
| scarcity | having a limited quantity of resources to meet unlimited wants |
| opportunity cost | the cost of what you have to give up |
| demand | desire for certain goods and services |
| supply | the amount of a good or service that is available for use |
| producers | people or businesses that make and sell products |
| consumers | people or businesses that buy, or consume , products |
| incentive | is a factor that encourages people to act in a certain way |
| market | organized way for producers and consumers to trade goods and services |
| profit | is the money a company has left after subtracting the cost of business |
| revenue | is the money earned by selling goods and services |
| specialization | the act of concentrating on a limited number of goods or activities |
| competition | the struggle among producers for consumers money |
| inflation | the general increase in prices |
| recession | decline in economic growth |
| traditional economy | a economy in which people make economic decisions based on their customs and habits |
| market economy | a economy in which individual consumers and producers make economic decisions |
| command economy | a economy which the central government makes all the economic decisions |
| mixed economy | a economy that combines elements of traditional , market, and command economic systems |
| development | a economic growth or increase in living standards |
| developed country | a country with a strong economy and a high standard of living |
| developing countries | countries with less- productive economies and lower standards of living |
| gross domestic product (GDP) | the total value of all goods and services produced in a country in a year |
| productivity | the amount of goods and services produced given the amount of resources used |
| technology | the practical application of knowledge to accomplish a task |
| trade | the exchange of goods and services in a market |
| exports | goods and services produced within a country and sold outside the country's border |
| import | the goods and services cold in a country that are produced in other countries |
| tariff | a tax on imports and exports |
| trade barrier | a government policy or restriction that limits international trade |
| free trade | removal of trade barriers |
| budget | a plan that shows income and expenses over a period of time |
| saving | the act of setting aside money for future use |
| interest | the price paid for borrowing money |
| credit | a arrangement in which a buyer can borrow money to purchase something and pay for it over time, such by using a credit card |
| investing | the act of using money in the hope of making a future profit |
| stock | the share of ownership in a company |
| bond | a certificate issued by a company or government promising to pay back borrowed money with intrest |
Created by:
hpavis
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