Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Jehl Economics
| Term | Definition |
|---|---|
| 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
Popular World History sets