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economics
| Term | Definition |
|---|---|
| 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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