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Economic Vocabulary Terms for Review

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Question
Answer
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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