Important Economic Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Scarcity | People do not have enough resources to satisfy all their wants
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| Trade off | A compromise to give up one thing in order to get another
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| Allocate | Distribute or give out
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| Specialization | When an area makes only a few goods that they have the best resources to make
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| Literacy Rate | Percentage of population that can read
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| Life Expectancy | How long someone is predicted to live
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| Imports | Goods that a country buys and ships IN
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| Exports | Goods that a country sells and ships OUT
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| Gross Domestic Product | The value of all the goods and services produced within a country
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| Supply | How much producers will make
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| Demand | How much consumers will buy
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| Refinery | A factory that processes petroleum for use as fuel
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| Competition | When two or more sellers sell the same good or service
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| Price | Supply and demand interact to determine this.
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| Market | Type of economy in which people make production decisions about their own businesses
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| Command | Type of economy in which the government makes all decisions about production.
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| Productive Resources | Resources needed to produce a good or service: natural resources, capital goods, and human resources
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Created by:
Deaver
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