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Jehl Economics

Economics Study of who gets what
Scarcity There is a limited amount of resources in the world... this is the driving force of economics
Traditional Economy An economy where everyone does everything and makes all products by themselves--there is no division of labor
Command Economy A type of economy where the government makes all decisions within the economy
Market Economy A type of economy where people make all decisions about what to buy and sell--this type of economy has the best standard of living
Natural Resources anything that nature provides
Renewable Resources natural resources that can be replenished or remade naturally--examples include crops, animals, solar energy etc.
Non-Renewable Resources resources that earth does not renew naturally (in a reasonable amount of time) examples include oil and earth metals
Barter When people trade items for items and no money is involved
Trade refers to an exchange of money between two people or countries for items or resources--this is helpful for areas and countries to get resources and items they might not be able to get
Money anything that is accepted in the form of a payment for a good or a service, you can save it, and it has an agreed upon value ($5 is $5) :)
Imports anything that a country or people brings in or buys from outside their country
Exports anything that a country or people sell or send away to people outside of their country
GDP (Gross Domestic Product) the dollar value of all goods and services that a country's economy produces in a year--this is a good way to measure a country's standard of living
GDP Per Capita the dollar value of all goods and services that a country's economy produces in a year divided by the population--best way to determine a nation's standard of living
Globalization The process of different countries being close together in an international economy
Outsourcing/Offshoring When companies in certain countries choose to make their products in other countries
International Monetary Fund (IMF) an organization that focuses on economic growth in all countries
Developing Countries Countries with weaker economies and a lower standard of living
Developed Countries Countries with strong economies and a good standard of living
Trade Surplus When a country exports more than it imports
Trade Deficit When a country imports more than it exports
Comparative Advantage When countries specialize and producing what they are the best at making and buy things their country doesn't make from other countries
Inflation Increase in money supply, this makes prices go up
Exchange Rate A rate determined by the IMF, this allows people to convert currency from one country's money to another
Created by: jjehl123