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WorGeoUnit5
Economics
| Term | Definition |
|---|---|
| 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
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