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SS core concepts 5
| Question | Answer |
|---|---|
| What is a Traditional Economy? | People make economic decisions based on their customs and habits. People hunt, gather, and bater, living like their ancestors did. |
| What is a Market Economy? | Individual consumers and producers make economic decisions. Market economies encourage entrepreneurs to establish new businesses by giving them economic freedom. |
| What is a Command Economy? | The central government makes all economic decisions. Individual consumers and producers do not make basic economic decisions. |
| What is a Mixed Economy? | An economy combines elements of traditional, market, and command economic systems with varying levels of government control. |
| What is a Developed Country? | A country with strong economy and a high standard of living, such as the United States or Japan |
| What is a Developing Country? | A country with with productive economies and lower standards of living. |
| What is gross domestic product? | The total value of all goods and services produced in a country in a year |
| What is productivity? | The amount of goods and services produced given the amount of resources used |
| What is technology? | The practical application of knowledge to accomplish a task. Technological advances can create new products, and make it easier for people to communicate or do business. |
| What is trade? | The exchange of goods and services in a market |
| What is an export? | Goods and services produced within a country and sold outside the country's borders |
| What is an import? | Goods and services sold in a country that are produced in other countries |
| What is a tariff? | A tax on imports or exports. Tariffs are an example of trade barriers |
| What is a trade barrier? | A government policy or restriction that limits international trade |
| What is free trade? | The removal of trade barriers. Free trade gives consumers lower prices and more choices. |
| What is a budget? | A plan that shows income and expenses over a period of time. A budget's income should be equal to or greater than its expenses, and should include money for saving. |
| What is saving? | The act of setting aside money for future use |
| What is interest? | The price paid for borrowing money. Interest is an incentive for people to save money. |
| What is credit? | An arrangement in which a buyer can borrow to purchase something and pay for it over time, such a buying using a credit card. |
| What is investing? | The act of using money in the hope of making future. Some people invest in stocks, bonds, or mutual funds. Investments offer different levels of risk or return-the amount of money an investor might earn. |
| What is a stock? | A share of ownership in a company |
| What is a bond? | A certificate issued by a company or government promising to pay back borrowed money with interest |
| What is an entrepreneur? | A person who starts a new business |
| What is economics? | The study of how people meet their wants and needs |
| What is scarcity? | Having a limited quantity of resources to meet unlimited wants |
| What are the three factors of production? | Land, labor, and capital |
| What is opportunity cost? | The cost of what you have to give up |
| What is demand? | The desire for a certain good or service |
| What is supply? | The amount of good or service that is available for use |
| What is a producer? | People or businesses that make and sell products |
| What is a consumer? | People or businesses that buy or consume products |
| What is incentive? | A factor that encourages people to act in a certain way |
| Why is having a market beneficial? | Because it is an organized way for producers and consumers to trade goods and services |
| What is profit? | The money a company has left after subtracting the costs of doing business |
| What is revenue? | The money earned by selling goods and services |
| What is specialization? | The act of concentrating on a limited number of goods or activities |
| What is competition | The struggle among producers for consumers' money |
| What is inflation? | The general increase in prices |
| What is a recession? | A decline in economic growth for six or more months in a row |
Created by:
gdoherty