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Geography Key Terms

#5 Economy and Geography

economics study of how people meet their wants and needs
scarcity having a limited quantity of resources to meet unlimited wants
opportunity cost cost of what you have to give up when making a choice
demand desire for a particular good or service
supply amount of a good or service that is available for use
producer person or business that makes and sells products
consumer person or business that buys, or consumes, products
incentive factor that encourages people to behave in a certain way
market organized way for producers and consumers to trade goods and services
profit money a company has left over after subtracting the costs of doing business
revenue money earned by selling goods and services
specialization act of concentrating on a limited number of goods or activities
competition struggle among producers for consumers' money
inflation general increase in prices
recession decline in economic growth for six or more months in a row
traditional economy economy in which people make economic decisions based on their customs and habits
market economy economy in which individual consumers and producers make all economic decisions
command economy economy in which the central government makes all basic economic decisions
mixed economy economy that combines elements of traditional, market, and command economy
development country's economic growth and quality of life
developed country country with a strong economy and a high quality of life
developing country country with a less-productive economy and a lower quality of life
gross domestic product (GDP) total value of all goods and services produced in a country in a year
productivity amount of goods and services produced given the amount of resources used
technology practical application of knowledge to accomplish a task
trade exchange or goods and services in a market
export good or service produced within a country and sold outside the country's borders
import good or service sold within a country that is produced in another country
tariff tax on imports
trade barrier something that keeps goods and services from entering a country
free trade removal of trade barriers
budget plan that shows income and expenses over a period of time
saving setting aside money for future use
interest price paid for borrowing money
credit arrangement in which a buyer can purchase something and pay for it over time
investing act of using money in hopes of making a future profit
stock share of ownership in a country
bond certificate issued by a company or government promising to pay back borrowed money with interest
Created by: westfahl