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Economics I

Basic Economics Terms

Mercantilism A system in which a government controls all economic activity in a country and its colonies to make the government stronger and richer
Capitalism An economic system in which individuals and private businesses run most industries
Inflation A gradual increase in prices
Want a desire for goods and services, not necessarily accompanied by the power to satisfy them
Need an economic good or service that is basic to survival, such as food, clothing, and shelter
Supply the amount of goods and services that are available at a given time
Demand the amount of goods and services that consumers are willing and able to buy at a given time
Balance of Trade The difference in value between what a nation imports and exports over a period of time
Subsidies Grants of monies
Joint Stock Companies
Opportunity Cost the value of the next
Scarcity a condition of limited resources and unlimited wants by people
Export goods or services that a country sells and sends to other countries
Import goods or services that a country brings in or purchases from another country
Created by: NavyBoatDriver
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