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20 Cards in this Set
- Front
- Back
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Resources
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Anything that is used to produce our goods and services.
A. Natural- materials from nature B. Human- labor or work force C. Capitol- equipment, factories, property, and money people use |
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Economic Indicators
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Numerical or statistical factors used by economists to help measure or show the strength of a country's economy.
E. Inflation Rate- a measure of how quickly prices increase over time F. Consumer Price Inde- a measure of the cost of goods and services |
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Profit
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Total Revenue (the financial gain that producers receive for their goods and services) MINUS Total Cost (all expenses have been paid
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Producers
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Those who make goods or provide services
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Consumers
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People who buy and use goods and services
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Goods
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Products that can be seen or touched
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Supply
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The amount of goods or services available for sales or capable of being provided
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Foreign Market
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A country outside your own country where your country's goods and services are wanted. These items can be bought or sold.
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Exports
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Domestic goods that are sold abroad(to other countries)
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Domestic Economy
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The system of resource management development within a country
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Demand
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How much, to the degree, consumers want a partcular good or service
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Opportunity Cost
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The thing you give up when you are deciding between two things you want.
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Trade
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The buying and selling of goods and services between nations
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Services
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Performance of a task by other people which satisifies a want or need
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Traditional Economy
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People use same work methods and tools generation after generation
***No Surplus*** |
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Surplus
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An amount that is more than what is required
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Import
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Goods produced in a foreign country and sold domestically
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Inflation
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The increase in the over-all level of prices in the economy
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Scarcity
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A limited amount of supply resources, goods and services
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Economic Indicators
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A. Gross Domestic Product- The value of goods and services a country produces within a year
B. Per Capita Income- The (GDP) divided by the nation's population C. Unemployment Rate- The percent of people out of work D. National Debt- Total amount of money owed by a country's government |
