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Economics terms
New economic vocabulary to help you.
| Term | Definition |
|---|---|
| Bartering | a system of exchange whereby one good/services is given in return for another, bartering does not require monetary exchange |
| Production Quota | the required amount of a specific good that must be produced in a given timeframe |
| Subsistence | producing only what is necessary for personal use/survival |
| Wage | term for one’s financial earnings |
| Dissident | a person who opposes the authority of an established government |
| Graft | financial gain through illness means typically through kickbacks and bribes |
| Infrastructure | a nation’s buildings, roads, bridges, power grids etc. |
| Rations | a fixed amount of a product or service allowed during times of shortage |
| Subsidies | money granted by the government to assist a business or industry in lowering the cost of its product/service |
| Sanction | the act of economically punishing another nation |
| Outsourcing | the transfer of work/production from one country to another where the cost of laboring/ manufacturing is cheaper |
| Shale Oil | an alternative fossil fuel derived from fossilized organic material found in sedimentary rock |
| Private sector | the part of the economy owned and operated by private citizens |
| Public Sector | The part of the economy owned and operated by the national government |
| Domestic | term which refers to the products of services originating in one’s own country; it is the antonym of foreign |
Created by:
sarahdoyle3
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