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