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26 Cards in this Set
- Front
- Back
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Economics |
The study of the production, movement, distribution. marketing, and consumption of goods and services. |
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Scarcity |
The limits in the amount of resources we have |
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entrpeneur |
A person to takes risks to start and run a business |
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Franchise |
The right to sell a particular good or service. Each franchise operation must follow guidelines to make it similar to the other franchises owned by the same company |
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Collateral |
Something owned by a person taking out a loan that can be seized if the person does not repay a loan. |
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Primary Industries |
Industries that harvest raw materials or natural resources (i.e. Agriculture, Forestry, Fishing, and Mining) |
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Secondary Industries |
Industries that convert raw materials into finished products. (i.e. wood to furniture, steel to nails, and fish to fish sticks) |
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Tertiary Industries |
Industries that provide servies (i.e. Banking, ratailing, education, etc.) |
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Foreign Investment |
One country allowing people from other countries to invest or put money into its industries |
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Input |
Factors of production put into a manufactuing system |
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Output |
The products leaving a manufactuing system that result from processes. |
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Industrialized nations |
Nations with strength in manufacturing and consistant growth in their economy |
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GNP |
Gross National Product: Sum of the value of all the services in a country per year |
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Tariff |
Taxes put on imports |
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Tade surplus |
More exports than imports (healthy economy) |
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imports |
products or raw materials brought into a country |
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exports |
products or raw materials sent out of a country |
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G8 |
an organization made up pf the world's most industrialized nations. (USA, France, Italy, Germany, Japan, UK, Canada) |
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NAFTA |
a trade agreement signed by the US, Canada, and Mexico allowing for trade without tax. |
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European Union |
Ireland, UK, Sweden. Finland, Germany, Netherlands, Belgium, Luxemburg, Austria, Italy, France, Spain, Portugal, Denmark, Greece |
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Subsistance economy |
An economic system in which people's labour only produces enough food, clothing and shelter for their own needs. |
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Traditional economy |
An economic system in which people's methods of work have changed little from one generation to the next. Produce little more than is needed for subsistance |
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Command economy |
An economic system in which the governmnet own and controls all parts of the economy. (i.e. North Korea) |
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Market Economy |
An economic system in which private individuals set up, own, and direct businesses that produce goods and services that consumers want. (i.e. USA) |
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Mixed Economy |
An economic system that combines private ownership with government control (i.e. Canada) |
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6 location factors for setting up successful industries. |
raw material, markets, transportation, enery, labour force and capital |
