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Economics the study of how people seek to satisfy their needs and wants by making choices
Globalization Idea that the world is becoming increasingly interconnected on a global scale such that smaller scales of political and economic life are becoming obsolete
Industrial Revolution rapid economic & social changes in manufacturing that resulted after the introduction of the factory system to the textile industry
Postindustrial Economy with less emphasis on heavy manufacturing and more emphasis on services and technology
Commodities Goods produced for sale
Trade Deficit Spending more money on imports than earning from exports
Trade Surplus Earning more money on export sales than spending on imports
Outsourcing Practice of sending out industrial processes to outside companies, especially to foreign countries
Service Industry Business that provides assistance instead of making a good
Developing Countries Country in the process of becoming industrialized
Renewable Resource Any resource replaced by natural processes more quickly than it is consumed
Exchange Rate the value of one nation's currency in terms of another nation's currency
Capital Resources the tools, equipment, and buildings that are used to produce goods and services
Gross Domestic Product (GDP) Total value of goods and services produced within the borders of a country during a specific time period, usually one year
Scarcity not having enough resources to produce all of the things we would like to have therefore people must make choices.
Tariff Tax on imported goods and services
Specialization a situation in which people produce a narrower range of goods and services at they consume. it increases productivity and requires trade and interdependence
Created by: ddenson80