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Economics terms

New economic vocabulary to help you.

TermDefinition
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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