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economics
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opportunity cost
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Economics

TermDefinition
economics the study of how people meet their wants and needs
opportunity cost the cost of what you have to give up to get something you want
demand the desire for a certain good or service
supply the amount of a good or service that is available for use
producers people or businesses that make and sell products
consumers people or businesses that buy or consume products
incentive a factor that encourages people to act in a certain way
market an organized way for producers and consumers to trade goods and services
profit the money a company has left after subtracting the costs of doing business
revenue the money earned by selling goods and services
specialization the act of concentrating on a limited number of goods and services
competition the struggle among producers for consumers' money
recession a decline in economic growth for six or more months in a row
traditional economy people make economic decisions based on their customs and habits
market economy individual consumers and producers make economic decisions
command economy the central government makes all the economic decisions
mixed economy combines elements of traditional, market, and command economic systems with varying levels of government control
developed country has a strong economy and high standard of living
developing country has a less productive economy and lower standard of living
productivity the amount of goods and services produced given the amount of resources used
gross domestic product (GDP) the total value of all goods and services produced in country in a year
trade the exchange of good and services in a market; benefits both the buyer and the seller
exports goods and services produced within a country and sold outsides the country's borders
imports goods and services sold in a country that are produced in other countries
tariff a tax on imports or exports
trade barrier a government policy or restriction that limits international trade
free trade removal of trade barriers
Created by: csmeza
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