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Geography Vocabulary

Economics Study of money
Scarcity An item is limited but the peoples want is unlimited.
Supply and Demand When supplies begin to run out and there is a demand for that item, the price will go up. If there is a lot of supplies and no one is demanding it, the item will be priced cheaply.
Specialization To do a particular thing and get really good at it.
Producers People or make goods or items for sale
Service Industry A business that does not provide items but instead non-tangible goods.
Capital Resources Something man made that is used in producing things.
Profit When a business makes so much money there is extra money even after paying for all the expenses.
Goods Items for sale.
Gross Domestic Product Represents the total dollar value of all goods and services produced over a specific time period for a country.
Investment To save goods or money so that in the future you can use it to create wealth.
Government a group of people that have control of an area.
Limited government A type of government that has a limit to its powers. It must follow the rules, too.
Unlimited government A type of government that is above the law. An example could be a King.
Geography Study of Earth.
Continent Large piece of land. 7 on earth.
Inflation When the overall prices for goods and services goes up. As inflation rises, every dollar you own buys a smaller percentage of a good or service.
Country Found on continents. Region with set government. (These are the puzzle pieces that make a continent.)
Ecosystem All the living things in a certain area
Culture A group of people and their way of life. Like food and sports.
Race The genetic makeup and shared characteristics of a group of people. Identifiers can be hair color, eye color, etc.
Landforms The naturally occurring shapes on Earth's surface.
Exports Goods sold to other nations.
Created by: cheriset