Economics Flashcards
How people choose to refuse limited resources to satisfy their unlimited wants
Economics
When there isnβt enough of something because she might want more than they can
Scarcity
Consumers willingness to purchase a good or service at a specific price
Demand
Producers willingness to make the products or offer a service at a particular price
Supply
(Touchable) objects that satisfy economic wants
Goods
Activities performed by people to satisfy economic wants
Services
Someone Who uses resources to make a good or service
Producer
Someone who buys or trade it good or service
Consumer
Goods brought into one country from another through trade or sale
Imports
Goods and services trade with or so to other
Exports
The knowledge and skills (education) that allows workers to produce goods and services and earns a salary
Human Resources/capital
Goods such as factories, machines
Capital Goods (resources)
Raw materials used to support life and make goods
Natural Resources
The total value of all the goods and services produced in a country
Gross Domestic Product
To buy more of something in order to benefit from it in the future
Invest (investment)
The rare mix of qualities needed to create and run businesses
Entrepreneurship
Hey person level of comfort. Determined by the amount of goods, services, and luxurious available to a person
Standard of Living
When people, businesses, or countries produce specific goods or services in order to produce more
Specialization
The way a nation uses its resources to satisfy peopleβs needs and wants. There are three major Economic systems, traditional economic, command economic, and market economic
Economic systems
And economic system in which social roles and culture decide weβre good and services will be produced, how they will be produced in for whom
Traditional economic
An economic system in which the government decides what goods and services will be produced, how they will be produced, and for whom
Command Economy
And economic system in which individual choices decide what goods and services will be produced , how they will be produced, and for
Market Economy
Economic system that has mix features of traditional, command, and market systems
Mixed Economy
Any comment exchange in which all sides agreed to participate because they expect the benefit
Voluntary Trade
The exchange of goods and services between countries
International Trade
Money that is used as a way to trade goods and services
Currency
How much one countries money is worth compared to another countries
Exchange Rate
Any law or practice that a government used to limit trade between countries
Trade Barriers
A price to charge for goods or services brought into one area from another area
Tariff
A limit on the amount of product that may be important during a given period of time
Quota
When a country refuses to import or export certain good; oftened backed by military
Embargo