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Economics Terms One

Economic Vocabulary Terms for Review

Consumer The buyer or user of a good or service.
Producer The maker of a good or provider of a service.
GDP The value of all goods and services produced yearly in a country.
Command Type of economy where the government makes all economic decisions and controls all resources.
Developed Country A country with many industries, high technology, high GDP, and a high standard of living for its people.
Embargo A complete stopping of trade with another country or a government order preventing ships from entering or leaving a country’s ports.
Specialization When countries focus on producing certain goods to be able to make them more efficiently and quickly.
Diversify To add variety to something.
Quota An amount or allotment allowed or expected.
Traditional Type of economy is based on trade and customs of the people.
Developing Country A country that has few industries, low technology level, low GDP, and a low standard of living.
Market Type of economy where all economic decisions are made by producers and consumers.
Entrepeneur A person who begins a project (usually a business), especially when it takes initiative and has risk.
Demand The amount of goods or services wanted in a market.
Mixed Type of economy has some government controls, but also gives freedoms to producers and consumers.
Scarcity Not enough for all wants/needs.
Supply The amount of goods and services available to consumers.
Tariff A tax or toll that the government places on imports or exports.
Imports Products that are bought by a country from other countries.
Surplus Extra or more than what is necessary to meet needs.
Exports Products sold by a country to other countries.
Trade An exchange of goods or services.
Standard of Living The level of the peoples' wants and needs that are met by a society.
Subsidy Money given by the government to a business or industry in order to help keep the cost of a product or service low.
Sanction Economic penalties that a government places on another country to limit trade as a punishment.
Human Capital Education and training of a the workers in a country.
Literacy Rate The percentage of adults in a country that can read and write.
Capital Goods Tools and machines that are used to create consumer goods and services.
Natural Resources Materials such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
Infrastructure The basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise.
Per Capita 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.
Created by: Shaver