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Core Concepts part 5

World History

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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