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26 Cards in this Set

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Economics

The study of the production, movement, distribution. marketing, and consumption of goods and services.

Scarcity

The limits in the amount of resources we have

entrpeneur

A person to takes risks to start and run a business

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

Collateral

Something owned by a person taking out a loan that can be seized if the person does not repay a loan.

Primary Industries

Industries that harvest raw materials or natural resources (i.e. Agriculture, Forestry, Fishing, and Mining)

Secondary Industries

Industries that convert raw materials into finished products. (i.e. wood to furniture, steel to nails, and fish to fish sticks)

Tertiary Industries

Industries that provide servies (i.e. Banking, ratailing, education, etc.)

Foreign Investment

One country allowing people from other countries to invest or put money into its industries

Input

Factors of production put into a manufactuing system

Output

The products leaving a manufactuing system that result from processes.

Industrialized nations

Nations with strength in manufacturing and consistant growth in their economy

GNP

Gross National Product: Sum of the value of all the services in a country per year

Tariff

Taxes put on imports

Tade surplus

More exports than imports (healthy economy)

imports

products or raw materials brought into a country

exports

products or raw materials sent out of a country

G8

an organization made up pf the world's most industrialized nations. (USA, France, Italy, Germany, Japan, UK, Canada)

NAFTA

a trade agreement signed by the US, Canada, and Mexico allowing for trade without tax.

European Union

Ireland, UK, Sweden. Finland,


Germany, Netherlands, Belgium, Luxemburg, Austria, Italy, France, Spain, Portugal, Denmark, Greece

Subsistance economy

An economic system in which people's labour only produces enough food, clothing and shelter for their own needs.

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

Command economy

An economic system in which the governmnet own and controls all parts of the economy. (i.e. North Korea)

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)

Mixed Economy

An economic system that combines private ownership with government control (i.e. Canada)

6 location factors for setting up successful industries.

raw material, markets, transportation, enery, labour force and capital