Economics
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| Economics | the study of how people seek to satisfy their needs and wants by making choices
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| Globalization | Idea that the world is becoming increasingly interconnected on a global scale such that smaller scales of political and economic life are becoming obsolete
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| Industrial Revolution | rapid economic & social changes in manufacturing that resulted after the introduction of the factory system to the textile industry
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| Postindustrial | Economy with less emphasis on heavy manufacturing and more emphasis on services and technology
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| Commodities | Goods produced for sale
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| Trade Deficit | Spending more money on imports than earning from exports
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| Trade Surplus | Earning more money on export sales than spending on imports
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| Outsourcing | Practice of sending out industrial processes to outside companies, especially to foreign countries
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| Service Industry | Business that provides assistance instead of making a good
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| Developing Countries | Country in the process of becoming industrialized
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| Renewable Resource | Any resource replaced by natural processes more quickly than it is consumed
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| Exchange Rate | the value of one nation's currency in terms of another nation's currency
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| Capital Resources | the tools, equipment, and buildings that are used to produce goods and services
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| Gross Domestic Product (GDP) | Total value of goods and services produced within the borders of a country during a specific time period, usually one year
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| Scarcity | not having enough resources to produce all of the things we would like to have therefore people must make choices.
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| Tariff | Tax on imported goods and services
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| Specialization | a situation in which people produce a narrower range of goods and services at they consume. it increases productivity and requires trade and interdependence
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