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Economics Chapter
Vocab words for chapter 5
| Term or Question | Definition or Answer |
|---|---|
| Economics | 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 | the desire for a certain good or service |
| 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 | a factor that encourages people to act in a certain way |
| Market | an organized way for producers and consumers to trade goods and services |
| Profit | the money a company has left after subtracting the costs of doing business |
| Revenue | 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 producer's for consumer's money |
| Inflation | general increase in price |
| Recession | a decline in economic growth for six or more months in a row |
| Traditional Economy | an economy in which people make economic decisions based on their customs and habits |
| Market Economy | an economy in which individual consumers and producers make economic decisions |
| Command Economy | an economy in which the central government makes all economic decisions |
| Mixed Economy | an economy that combines elements of traditional, market, and command economic syatems |
| Development | an economic growth or an increase in living standards |
| Developed Country | a country with a strong economy and a high standard of living |
| Developing Country | a country with a less productive economy 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 |
| Export | goods and services produced within a country and sold outside the country's borders |
| Import | goods and services sold in a country that sold in a country that are produced in other countries |
| Tariff | a tax on imports or exports |
| Trade Barrier | a government policy trade or restriction that limits international trade |
| Free Trade | the 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 | an arrangement in which a buyer can borrow to purchase something and pay for it over time |
| Investing | the act of using money in the hope of making a future profit |
| Stock | a share of ownership in a company |
| Bond | a certificate issued by a company or government promising to pay back borrowed money with intrest |
| What are the three basic economic questions? | 1. What goods and services should be produced? 2. How should goods and services be produced? 3. Who uses or consumes those goods and services? |
Created by:
wassup_ppls
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