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Econ Terms
Units 4 & 5
| description | term |
|---|---|
| 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. | GDP |
| The total value of all the goods and services produced in a country in a year divided by the number of people living in the country. | GDP per Capita |
| Type of economy where the government makes ALL economic decisions and controls all resources. | Pure Command Economy |
| A country with many industries, high technology, high GDP, and a high standard of living for its people. | Developed Country |
| A country that has few industries, low technology level, low GDP, and a low standard of living. | Developing Country |
| A complete stopping of trade with another country or a government order preventing ships from entering or leaving a country’s ports. | Embargo |
| Economic penalties that a government places on another country to limit trade as a punishment. | Sanctions |
| 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. | Quota |
| Type of economy is based on trade and customs of the people. | Traditional |
| Type of economy where ALL economic decisions are made by producers and consumers. | Pure Market Economy |
| 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 |
| An economy that has some government controls (command), but also gives freedoms to producers and consumers (market). | Mixed Economy |
| Not enough for 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 |
| Extra or more than what is necessary to meet needs. | Surplus |
| 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 peoples' 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 |
| Education and training of a the workers in a country. | Human Capital |
| The percentage of 15-year olds and older of 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, forests, 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 enterprise. | Infrastructure |
| The possible benefits missed out on when choosing one alternative over another | Opportunity Cost |
| As supply increases, price decreases. As demand increases, price increases. | Law of Supply and Demand |
| Money used as a medium of exchange | Currency |
| How much one country's currency is worth compared to another country's currency | Currency Rate |
| Exchanging the currency of the importing country (the buyer) for the currency of the exporting country (the seller). | Currency Exchange |
| Any law or practice that a government uses to limit trade between countries | Economic Trade Barrier |
| Any physical feature that limits trade between countries. | Physical Trade Barrier |
| Spending money on something now in order to benefit from it 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 |
| The Three Economic Questions | What to produce? How to produce it? For whom to produce it? |
| The part of the economy controlled by the government | Public Sector |
| The part of the economy owned by individuals and corporations | Private Sector |
| Economy of Saudi Arabia | Leaning Market |
| Economy of Iran | Leaning Command |
| Economy of Turkey | Leaning Market |
| Economy of Israel | Mixed Market |
| A group of countries that export oil and increase or decrease the supply in order to manipulate the price | Organization of Petroleum Exporting Countries (OPEC) |
| Major Export of Saudi Arabia | Petroleum (Oil) |
| Major Export of Iran | Petroleum (Oil) |
| Major Industries of Israel | High Technology Manufacturing and Weapon Manufacturing |
| This natural resource is in surplus in the Persian Gulf region causing countries there to specialize in producing it | Petroleum (Oil) |
| This natural resource is scarce throughout SW Asia | water |
| These two countries have invested heavily in Human Capital and Capital Goods to develop diverse economies because they don't have large oil reserves | Israel and Turkey |
| Major Industries in Turkey | Textiles and Agriculture |
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