The study of how decisions are made about how to distribute limited resources to satisfy unlimited wants

And call me where government planning groups make the basic economic decisions

An economy where decisions are made at an individual rather than a government level where individuals and corporations own most of the business and farms

An economy that depends on your agricultural and battering where decisions are often based I long held customers, beliefs, or habits

Refers to all natural resources use of produce goods and services

Represents the human effort, both physical and mental use in the production processes

Includes the tools, equipment and buildings used to produce goods and services

Involves the initiative to combine the other factors of production to create goods and services

Tangible items (things you can touch)

Work or activities people perform option for free

A person who satisfies a need or want by buying a good or service

The quantity of a good or service available for sale

A good service consumers are willing to buy

Money spent on something with a goal of making a profit

The amount Lyft after cost are subtracted from a price

Gross Domestic Product

Monetary value of all final grades and surfaces produced within a countries borders over a specific period typically a year or a quarter

The decline in GDP can be attributed to various factors, including supply socks demand shocks and more

Consumers spending businesses investment government spending in next export, all which contributes to overall economic growth

Refers to the level of wealth, comfort material goods in necessities available to a person or community

Literacy rate impact it standard of living

Encompass the wealth, comfort, health, education and material well-being enjoyed by people in society

The rate which the general level of crisis were goods and services rises, leading to a degrees in a purchasing power of money

Consumers spending is a key economic measures as it drives nearly two thirds of U.S

Tax or duty imposed by a government on imported or exported goods, typically to protect domestic industries

Limit or target set for a specific purpose such as production, sales, or import/export used to control quantities, or achieve goals

Official ban or restriction imposed by a government or authority on trade, commerce, or communication with a particular country or entity

Legal entity that is separate from its owners capable of owning property, entering into contracts and being held liable for actions

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SS Economics

Social Studies

Term	Definition
Economics	The study of how decisions are made about how to distribute limited resources to satisfy unlimited wants
Command	And call me where government planning groups make the basic economic decisions
Market	An economy where decisions are made at an individual rather than a government level where individuals and corporations own most of the business and farms
Traditional	An economy that depends on your agricultural and battering where decisions are often based I long held customers, beliefs, or habits
Land	Refers to all natural resources use of produce goods and services
Labor	Represents the human effort, both physical and mental use in the production processes
Capital	Includes the tools, equipment and buildings used to produce goods and services
Entrepreneurship	Involves the initiative to combine the other factors of production to create goods and services
Goods	Tangible items (things you can touch)
Services	Work or activities people perform option for free
Consumer	A person who satisfies a need or want by buying a good or service
Supply	The quantity of a good or service available for sale
Demand	A good service consumers are willing to buy
Investment	Money spent on something with a goal of making a profit
Profit	The amount Lyft after cost are subtracted from a price
Gross Domestic Product	Monetary value of all final grades and surfaces produced within a countries borders over a specific period typically a year or a quarter
Factor drag GDP down	The decline in GDP can be attributed to various factors, including supply socks demand shocks and more
Factors drive GDP up	Consumers spending businesses investment government spending in next export, all which contributes to overall economic growth
Standard of Living	Refers to the level of wealth, comfort material goods in necessities available to a person or community
Literacy rate impact it standard of living	Encompass the wealth, comfort, health, education and material well-being enjoyed by people in society
Inflation	The rate which the general level of crisis were goods and services rises, leading to a degrees in a purchasing power of money
Impact consumers	Consumers spending is a key economic measures as it drives nearly two thirds of U.S
Tariff	Tax or duty imposed by a government on imported or exported goods, typically to protect domestic industries
Quota	Limit or target set for a specific purpose such as production, sales, or import/export used to control quantities, or achieve goals
Embargo	Official ban or restriction imposed by a government or authority on trade, commerce, or communication with a particular country or entity
Corporation	Legal entity that is separate from its owners capable of owning property, entering into contracts and being held liable for actions

Created by: user-1846072

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