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Core Concepts part 5
World History
| Term | Definition |
|---|---|
| Economics | The study of how people meet their wants and needs |
| Scarcity | Having a limited amount of resources |
| Opportunity cost | The cost of what you have to give up |
| Demand | Desire for a certain good or service |
| Incentive | factor that encourages people to act in a certain way |
| Market | an organized way for producers and consumers to trade goods and services |
| Revenue | money earned by selling goods and services |
| Inflation | increase in prices |
| recession | decline in economic growth for 6 or more months |
| Market Economy | Where individual consumers and producers make economic decisions |
| Command Economy | Where the government makes all economic decisions |
| Developed country | a county with a high living standard |
| GPD (Gross Domestic Product) | total value of all goods and services produced in a county in a year |
| productivity | The amount of goods and services made vs. resources used |
| Trade | the exchange of goods and services in a market |
| tariffs | a tax on imports and exports |
| Budget | a plan that shows income and expenses over a period of tine |
| Interest | the price paid for borrowing money |
| Stock | a share of ownership in a conpany |
| Bond | a certificate issued by a company to pay back borrowed money with interest |
Created by:
ChristianSmo
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