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supply The degree of availability
economics the study of production, distribution, and the consumption of goods and services
demand the amount of a good or service that consumers are willing and are able to buy
scarcity a limited supply of resources in comparison to unlimited wants and needs
opportunity cost what you give up in order to get something
incentive a factor that encourages people to act in a certain way
market organized way for consumers and producers to trade goods and services
profit money a company has left over after subtracting the cost of doing business
revenue money earned by selling goods and services
specialization act of concentrating on a limited number of goods and activities
inflation general increase in prices
traditional economy an economy in which people make economic decisions based on their customs and beliefs
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 systems
developed country a country with a strong economy and a high standard of living
developing country 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
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 boarders
imports goods and services sold 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 the removal of trade barriers
budget a plan that shows income and expenses over a period of time
interest the price paid for borrowing money
stock a share of ownership in a company
bond a certificate issued by a company or government promising to pay back borrowed money with interest
domestic trade consumers and producers are located in the same country
Created by: cklksk



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