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Chapter 1-3 Review
| Question | Answer |
|---|---|
| Want | Things we wish we could have |
| Need | Things we must have to survive |
| Good | Something that can be physically weighed or measured |
| Factor of Production | When economic resources, such as natural and human resources, are used to produce goods or services |
| Economic Resource | A resource that could be used to make or obtain goods or services |
| Services | Tasks that a person or machine performs to satisfy non-material things |
| Opportunity Cost | What a person gives up when making one choice over another |
| Natural Resources | A resource that comes from the air, water, or earth |
| Human Resources | A person who contributes mental and physical energy into the production process |
| Capital Resource | A resource, such as equipment or machine, that makes it possible to produce goods or services |
| Entrepreneurial Resource | A person who recognizes a business opportunity and organizes, manages, and assumes the risks of a business enterprise |
| Scarcity | The problem of unlimited wants and limited resources that affects all societies |
| Business Cycle | The repeated rise and fall of economic activity over time that includes four phases: expansion, peak, contraction, and trough |
| Recession | A period of decline when spending decreases and unemployment rises |
| Depression | A very severe recession that lasts for several years |
| Recovery | A period of economic growth or expansion after a recession or depression |
| Economic Indicators | Important data or statistics that measure economic activity and business cycles |
| Gross Domestic Product | The dollar value of all final goods and services produced in a nation in a year and includes Consumer goods and services, business goods and services, government goods and services, and exported goods and services. |
| Inflation | A prolonged rise in the cost of goods and services |
| Unemployment Rate | The percentage of the workforce that is out of work |
| Comparative Advantage | Specialization of production by a country in those areas it is best at doing. |
| Free Trade | Policy encouraging few limitations and little government involvement in trade. |
| Embargo | A government ban that stops the import or export of certain goods or trading with a certain country. |
| Exports | Goods made in one country and sold in another. |
| Imports | Foreign-made goods brought into a country. |
| Multinational Company | Firm that does business in other countries and has offices worldwide. |
| Quota | A fixed limit on the export or import of a product |
| Specialization | Concentration of efforts in a particular area or field. |
| Tariff | Special tax on goods made in another country and sold in the United States |
| Trading Partners | Countries that are the United States' main producers and consumers |
Created by:
kdimmick
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