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Basic Econ Terms
Economic Vocabulary Terms for Review
| Question | Answer |
|---|---|
| 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. |
| Entrepreneur | 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 Economy | 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. |
| Voluntary Trade | An exchange of goods or services that is done because both parties wish to. It always benefits both parties. |
| 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. |
| Opportunity Cost | The possible benefits missed out on when choosing one alternative over another |
| Law of Supply and Demand | As supply increases, price decreases. As demand increases, price increases. |
| Currency | Money used as a medium of exchange |
| Exchange Rate | How much one country's money is worth compared to another country's |
| Political Trade Barrier | Any law or practice that a government uses to limit trade between countries |
| Investing | Spending money on something now in order to benefit from it in the future |
| Labor | The work that people do to produce goods and services |
| Economic System | The way a nation uses its resources to satisfy people's needs and wants |
| Economic Continuum Line | 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. |
| The Three Economic Questions | What to produce? How to produce it? For whom to produce it? |
| Public Sector | The part of the economy controlled by the government |
| Private Sector | The part of the economy owned by individuals and corporations |
Created by:
Shaver
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