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Geography Key Terms
#5 Economy and Geography
| Question | Answer |
|---|---|
| economics | study of how people meet their wants and needs |
| scarcity | having a limited quantity of resources to meet unlimited wants |
| opportunity cost | cost of what you have to give up when making a choice |
| demand | desire for a particular good or service |
| supply | amount of a good or service that is available for use |
| producer | person or business that makes and sells products |
| consumer | person or business that buys, or consumes, products |
| incentive | factor that encourages people to behave in a certain way |
| market | organized way for producers and consumers to trade goods and services |
| profit | money a company has left over after subtracting the costs of doing business |
| revenue | money earned by selling goods and services |
| specialization | act of concentrating on a limited number of goods or activities |
| competition | struggle among producers for consumers' money |
| inflation | general increase in prices |
| recession | decline in economic growth for six or more months in a row |
| traditional economy | economy in which people make economic decisions based on their customs and habits |
| market economy | economy in which individual consumers and producers make all economic decisions |
| command economy | economy in which the central government makes all basic economic decisions |
| mixed economy | economy that combines elements of traditional, market, and command economy |
| development | country's economic growth and quality of life |
| developed country | country with a strong economy and a high quality of life |
| developing country | country with a less-productive economy and a lower quality of life |
| gross domestic product (GDP) | total value of all goods and services produced in a country in a year |
| productivity | amount of goods and services produced given the amount of resources used |
| technology | practical application of knowledge to accomplish a task |
| trade | exchange or goods and services in a market |
| export | good or service produced within a country and sold outside the country's borders |
| import | good or service sold within a country that is produced in another country |
| tariff | tax on imports |
| trade barrier | something that keeps goods and services from entering a country |
| free trade | removal of trade barriers |
| budget | plan that shows income and expenses over a period of time |
| saving | setting aside money for future use |
| interest | price paid for borrowing money |
| credit | arrangement in which a buyer can purchase something and pay for it over time |
| investing | act of using money in hopes of making a future profit |
| stock | share of ownership in a country |
| bond | certificate issued by a company or government promising to pay back borrowed money with interest |
Created by:
westfahl
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