economics
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| supply | The degree of availability
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| economics | the study of production, distribution, and the consumption of goods and services
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| demand | the amount of a good or service that consumers are willing and are able to buy
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| scarcity | a limited supply of resources in comparison to unlimited wants and needs
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| opportunity cost | what you give up in order to get something
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| incentive | a factor that encourages people to act in a certain way
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| market | organized way for consumers and producers to trade goods and services
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| profit | money a company has left over after subtracting the cost of doing business
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| revenue | money earned by selling goods and services
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| specialization | act of concentrating on a limited number of goods and activities
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| inflation | general increase in prices
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| traditional economy | an economy in which people make economic decisions based on their customs and beliefs
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| market economy | an economy in which individual consumers and producers make economic decisions
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| command economy | an economy in which the central government makes all economic decisions
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| mixed economy | an economy that combines elements of traditional, market, and command economic systems
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| developed country | a country with a strong economy and a high standard of living
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| developing country | countries with less-productive economies and lower standards of living
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| Gross domestic product (GDP) | the total value of all goods and services produced in a country in a year
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| technology | the practical application of knowledge to accomplish a task
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| trade | the exchange of goods and services in a market
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| export | goods and services produced within a country and sold outside the country's boarders
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| imports | goods and services sold in a country that are produced in other countries
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| tariff | a tax on imports and exports
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| trade barrier | a government policy or restriction that limits international trade
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| free trade | the removal of trade barriers
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| budget | a plan that shows income and expenses over a period of time
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| interest | the price paid for borrowing money
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| stock | a share of ownership in a company
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| bond | a certificate issued by a company or government promising to pay back borrowed money with interest
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| domestic trade | consumers and producers are located in the same country
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