Economic Vocabulary Terms for Review
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Consumer | The buyer or user of a good or service.
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Producer | The maker of a good or provider of a service.
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GDP | The value of all goods and services produced yearly in a country.
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Command | Type of economy where the government makes all economic decisions and controls all resources.
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Developed Country | A country with many industries, high technology, high GDP, and a high standard of living for its people.
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Embargo | A complete stopping of trade with another country or a government order preventing ships from entering or leaving a country’s ports.
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Specialization | When countries focus on producing certain goods to be able to make them more efficiently and quickly.
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Diversify | To add variety to something.
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Quota | An amount or allotment allowed or expected.
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Traditional | Type of economy is based on trade and customs of the people.
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Developing Country | A country that has few industries, low technology level, low GDP, and a low standard of living.
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Market | Type of economy where all economic decisions are made by producers and consumers.
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Entrepreneur | A person who begins a project (usually a business), especially when it takes initiative and has risk.
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Demand | The amount of goods or services wanted in a market.
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Mixed Economy | Type of economy has some government controls, but also gives freedoms to producers and consumers.
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Scarcity | Not enough for all wants/needs.
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Supply | The amount of goods and services available to consumers.
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Tariff | A tax or toll that the government places on imports or exports.
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Imports | Products that are bought by a country from other countries.
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Surplus | Extra or more than what is necessary to meet needs.
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Exports | Products sold by a country to other countries.
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Voluntary Trade | An exchange of goods or services that is done because both parties wish to. It always benefits both parties.
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Standard of Living | The level of the peoples' wants and needs that are met by a society.
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Subsidy | Money given by the government to a business or industry in order to help keep the cost of a product or service low.
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Sanction | Economic penalties that a government places on another country to limit trade as a punishment.
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Human Capital | Education and training of a the workers in a country.
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Literacy Rate | The percentage of adults in a country that can read and write.
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Capital Goods | Tools and machines that are used to create consumer goods and services.
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Natural Resources | Materials such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
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Infrastructure | The basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise.
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Per Capita GDP | The total value of all the goods and services produced in a country in a year divided by the number of people living in the country.
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Opportunity Cost | The possible benefits missed out on when choosing one alternative over another
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Law of Supply and Demand | As supply increases, price decreases. As demand increases, price increases.
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Currency | Money used as a medium of exchange
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Exchange Rate | How much one country's money is worth compared to another country's
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Political Trade Barrier | Any law or practice that a government uses to limit trade between countries
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Investing | Spending money on something now in order to benefit from it in the future
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Labor | The work that people do to produce goods and services
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Economic System | The way a nation uses its resources to satisfy people's needs and wants
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Economic Continuum Line | A tool that generally shows how much or how little government control there is in a specific economy. Countries continually move on it based on laws they pass.
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The Three Economic Questions | What to produce? How to produce it? For whom to produce it?
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Public Sector | The part of the economy controlled by the government
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Private Sector | The part of the economy owned by individuals and corporations
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