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Basic Econ Terms

Basic Economics Terms

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