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Economics
7 vocab words to study.
Term | Definition |
---|---|
Scarcity | The basic econmic problem that arises because people have unlimited wants but resources are limited. |
Interdependence | The condition where counties become dependent on one another because of specialization and trade. |
Specialization | when production is concentrated on producing only those goods and services that can most effeiently be produced given existing resources. |
Trade | An exchange of goods and services. |
Imports | Goods brought in from a foreign country for trade or sales. |
Exports | Goods shipped out of one country for trade of sale with one another. |
Sustainability | The ability to provide for the needs of the worlds current population without damaging the ability of future generations to provide for themselves. |
Literacy Rate | The percentage of citizens who can read and write. |
Per Capita | For every person |
Life Expectancy | The number of years a person to live on average in a given population. |
Infant Mortalilty | The number of deaths of babies in a given population. |
GDP (Gross Domestic Prouduct) | The total market value of goods and services produced by a nation in a given time period. |
Land | Gifts of nature , natural resources used to produce goods and services. |
Labor | All human effort including the knowledge and skills used in the production of goods and services. |
Captial | Man- made reasources used to produce other goods and services, example, machines, factories, and tools. |
Entreprenenrship | The willingness to assume the risk of organizing and cordainting resources to produce goods and services. |