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29 Cards in this Set
- Front
- Back
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Economics |
The study of how people make, exchange, and use goods and services. |
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Consumers |
Those who buy and use goods and services |
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Producers |
Those who make and sell goods and services |
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Goods |
Products such as food, clothing, and housing |
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Services |
Products such as food, clothing, and housing |
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Capitol |
Accumulated goods and wealth, such as oil and bonds |
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Resources |
Things which are scarce and are used in making or producing goods |
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Scarcity |
Limited ammount, inability of our existing resources to meet our unlimited wants |
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Profit |
Extra money that is made after all expenses are paid |
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Inflation |
Rising prices |
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Recession |
Period of reduced economic activity |
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Imports |
Goods brought into a country |
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Exports |
Goods sent out of a country |
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Surplus |
More than you need, sell more than you buy |
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Supply and Demand |
How much of a good or service and/or the demand of the good or service decides the price |
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Deficit |
Not enough, sell less than you buy |
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Tariff |
Special tax on imports |
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Currency |
The money a country uses |
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Exchange Rate |
The rate that you pay for a good, service or resource |
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Quota |
A restriction on the number of goods imported |
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Embargo |
A blockade |
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Globalization |
Spread of ideas, production, and people around the world |
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Interdependence |
Reliance of each nation on selling and buying goods and services from other nations |
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Protectionism |
Use or tariffs, quotas, blockades, and other policies to protect the US producers from foreign competition |
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Traditional Economy |
Economic system based on custom and tradition |
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Subsistence |
Minimum needed for survival |
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Market Economy |
Economic system based on supply and demand |
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Command Economy |
Economic system in which the government decides what to produce |
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Mixed Economy |
Economic system which blends two or three types of basic economic systems |
