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Economics
Basic Economic Vocabulary
| Term | Definition |
|---|---|
| The buyer or user of a good or service | Consumer |
| The maker of a good or provider of a service | Producer |
| The value of all goods and services produced yearly in a country | Gross Domestic Product (GDP) |
| Type of economy where the government makes all economic decisions and controls all resources | Command |
| A complete stopping of trade with another country or a government preventing ships from entering or leaving a country's ports | Embargo |
| When countries focus on producing certain goods to be able to make them more efficiently and quickly | Specialization |
| To add variety to something | Diversify |
| An amount or allotment allowed or expected on imported goods | Quota |
| Type of economy based on trade and customs of the people | Traditional |
| Type of economy where all economic decisions are made by producers and consumers | Market |
| A person who begins a project (usually a business), especially when it takes initiative and has risk | Entrepreneur |
| The amount of goods or services wanted in a market | Demand |
| Type of economy has some government controls, but also gives freedoms to producers and consumers | Mixed Economy |
| Not enough to meet all wants/needs | Scarcity |
| The amount of goods and services available to consumers | Supply |
| A tax or toll that the government places on imported goods | Tariff |
| Products that are bought by a country from other countries | Imports |
| Products sold by a country to other countries | Exports |
| An exchange of goods or services that is done because both parties wish to. It always benefits both parties. | Voluntary Trade |
| The level of the people's wants and needs that are met by a society | Standard of Living |
| Money given by the government to a business or industry in order to help keep the cost of a product or service low | Subsidy |
| Economic penalties that a government places on another country to limit trade as a punishment | Sanction |
| Education and training of the workers in a country | Human Capital |
| The percentage of people over the age of 15 in a country that can read and write | Literacy Rate |
| Tools and machines that are used to create consumer goods and services | Capital Goods |
| Materials such as minerals, crops, water, and fertile land that occur in nature and can be used for economic gain | Natural Resources |
| The basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or business | Infrastructure |
| The total value of all the goods and services produced in a country in a year divided by the number of people living in a country | Per Capita GDP |
| Money used a medium of exchange | Currency |
| How much one country's money is worth compared to another country's | Exchange Rate |
| Something that limits trade with another country | Trade Barrier |
| Spending money on something now in order to benefit from it (potentially) in the future | Investing |
| The work that people do to produce goods and services | Labor |
| The way a nation uses its resources to satisfy people's needs and wants | Economic System |
| A tool that generally shows how much or how little government control there is in a specific economy. Countries continually move on it based on laws they pass. | Economic Continuum Line |
| What to produce? How to produce it? For whom to produce it? | The Three Economic Questions |
| The part of the economy controlled by the government | Public Sector |
| The part of the economy controlled by individuals and corporations | Private Sector |
| Being extremely poor and can have social, economic, and political effects | Poverty |
| A system of exchange whereby one good/service is given in return for another; bartering does not require monetary exchange | Bartering |
| Term for one’s financial earnings | Wage |
| The required amount of a specific good that must be produced in a given timeframe | Production Quota |
| Producing only what is necessary for personal use/survival | Subsistence |
| The creation, maintenance, and expansion of businesses outside the control or influence of the government | Free Enterprise |
| Refusal to purchase a good/service from a specific company or country | Boycott |
| Term which refers to the products of services originating in one’s own country; it is the antonym of foreign | Domestic |
| Financial gain through illegal means, typically through kickbacks and bribes | Graft |
| A fixed amount of a product or service allowed during times of shortage | Rations |
| A person who opposes the authority of an established government | Dissident |
Created by:
CDuncan21
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