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