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Core Concepts Vocab

Core Concepts Part 5

TermDefinition
Economic The study of how people meet their wants and needs.
Scarcity Having a limited quantity of resources.
Demand Desire for a certain good or service.
Opportunity Cost Cost of what u have to give up.
Incentive A factor that encourages people to act a certain way.
Market An organized way for producers and consumers to trade goods and services.
Inflation Rise in prices
Market Economy Economy where individual consumers and producers make economic decisions.
Recession Decline in economic growth for six or more months.
Revenue The money earned by selling goods and services.
Productivity The amount of goods and services.
Command Economy Economy in which the central government makes all the decisions.
Bond Certificate issued by a company or government promising to pay back borrowed money with interest.
Tariff Tax on imports and exports.
Trade The exchange of goods and services in a market.
Gross Domestic Product Total value of all goods and services.
Budget Plan that shows income and expenses over a period of time.
Interest Paid for borrowing money
Stock Share of ownership in a community
Developed country A _______________ have a strong economy