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