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Economics
| Term | Definition |
|---|---|
| economics | the study of how people meet their wants and needs |
| opportunity cost | the cost of what you have to give up to get something you want |
| demand | the desire for a certain good or service |
| supply | the amount of a good or service that is available for use |
| producers | people or businesses that make and sell products |
| consumers | people or businesses that buy or consume products |
| incentive | a factor that encourages people to act in a certain way |
| market | an organized way for producers and consumers to trade goods and services |
| profit | the money a company has left after subtracting the costs of doing business |
| revenue | the money earned by selling goods and services |
| specialization | the act of concentrating on a limited number of goods and services |
| competition | the struggle among producers for consumers' money |
| recession | a decline in economic growth for six or more months in a row |
| traditional economy | people make economic decisions based on their customs and habits |
| market economy | individual consumers and producers make economic decisions |
| command economy | the central government makes all the economic decisions |
| mixed economy | combines elements of traditional, market, and command economic systems with varying levels of government control |
| developed country | has a strong economy and high standard of living |
| developing country | has a less productive economy and lower standard of living |
| productivity | the amount of goods and services produced given the amount of resources used |
| gross domestic product (GDP) | the total value of all goods and services produced in country in a year |
| trade | the exchange of good and services in a market; benefits both the buyer and the seller |
| exports | goods and services produced within a country and sold outsides the country's borders |
| imports | goods and services sold in a country that are produced in other countries |
| tariff | a tax on imports or exports |
| trade barrier | a government policy or restriction that limits international trade |
| free trade | removal of trade barriers |
Created by:
csmeza
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