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PF
| Term | Definition |
|---|---|
| global economics | the study of how the economies in all parts of the world operate |
| economic interdependence | the relationship between two or more countries dependent on one another for goods or services |
| macroeconomics | the relationship between two or more countries dependent on one another for goods or services |
| microeconomics | the study of the big economic picture through various economic indicators |
| inflation | the study of behavior in small economic units like businesses and individuals |
| deflation | the general reduction of prices in an economy over time |
| gross domestic product (GDP) | the total market value of all finished goods and services produced in a country in a given period of time |
| economic indicators | key statistics used to analyze a country’s economy |
| standard of living | the level of wealth, comfort, materials goods, and necessities available to a group of people |
| developed country | one with a high level of economic growth, industrialization, and a higher standard of living |
| developing country | one with less economic development, an agriculture-based economy, less industrialization, high population, and high level of unemployment |
| economic system | an organized way in which a nation or country manages all their buying, selling, and production |
| socialism | economic and political theory promoting collective or government ownership and control of the means of production and distribution of goods |
| capitalism | an political system in which trade and industry are controlled by private owners for profit |
| monopoly | an industry or commodity that’s dominated by one corporation that manipulates prices; an extreme result of free-market capitalism without government regulation |
| specialization | when a nation or individual concentrates its efforts in producing a limited variety of goods or services |
| supply and demand | how the availability of a product or service, and how much it’s decided by consumer, affects the price |
| law of supply and demand | an economic theory that explains the interactions between the sellers of a resource and the buyers for that resource |
| equilibrium | the state in which market supply and demand match each other, resulting in price stability |
| profit motive | the desire to make money as the result of a business venture |
| competition | when businesses compete for a share of profit |
| business cycle | describes the rise and fall in production output; it is generally divided into four states: expansion, peak (prosperity), contraction (recession), and tough |
| global trade | the exchange of capital, goods, and services between different countries |
| exports | resources, materials, and goods a country produces and sells to another country |
| imports | resources, materials, and goods a country buys from another country |
| protectionism | governmental actions that restrict trade with the intent to protect local businesses from foreign competition |
| tariff | a tax imposed on the goods and services imported from another country |
| product standards | criteria and specifications related to the health, safety, and compatibility of goods and services |
| subsidy | payment from the government to produces to lower their cost to produce or increase the quantity produced |
| quota | a government-imposed restriction on the number or value of imported or exported items |
| embargo | a government order that restricts or prohibits trade |
| scarcity | limited resources and an unlimited demand by a population |
| rationing | a limit placed on the distribution of resources in high demand but in short supply |
Created by:
dupreejp
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