Economics 101
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22 terms
Terms | Definitions |
|---|---|
 economics | the branch of social science that deals with the production and distribution and consumption of goods and services and their management |
| balance of trades | difference between how much a country exports and exports |
| cash crop economy | economy based on the raising and selling of one crop or a small number of crops |
| debt | money borrowed to purchase products or pay for services, paid back with interest |
| developed nation | A nation with established agriculture and industry, advanced technology, and a strong educational system. |
| developing nation | A nation with limited resources that faces obstacles in achieving modern industrial economies. |
| third world country | states that are considered to be underdeveloped in terms of their economy or level of industrialization, globalization, standard of living, health, education or other criteria for 'advancements'. |
| free trade | trade between nations without a protective customs or tarrifs |
| GDP | Gross Domestic Product- the total market value of all final goods and services produced annually in an economy |
| GNP | Gross National Product - the sum of all goods and services produced in a nation in a year |
| inflation | an increase in prices of goods while the value of the money decreases |
| international monetary fund | developed in the 1980s to work out agreements to help nations in debt, repay their loans and for developing nations to gain economic stability |
| mercantilism | economic policy by which a nation sought to export more than it imported in order to build its national wealth, usually by exploiting the natural resources of its colonies |
| multination corporation | a business that operates in many countries |
| shantytown | an area of shacks that grows around a city that is experiencing fast growth |
| supply and demand | how much of a product is avaliable and how many people want it |
| trade deficit | a situation in which a nation imports more than they export |
| urbanization | movement of people into the cities |
| westernization | process of adapting to the ways to the "west" or more modern ways |
| world bank | an international organization created in 1946 to fight poverty by means of financing nations in important areas. they give out loans are good prices and education the nation about how to avoid further issues |
| world trade organization | created in 1995 with 148 member nations to make rules of trade between nations with the goal to help countries fairly trade |
| monopoly | complete control of a product or business by one person, group or company |
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