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economics

study of how societies use limites resources to satisfy production wants and needs and decisions about production and distribution of goods and services

scarcity

the lack of resources to meet the needs and wants of a community

opportunity cost

what is given up in order to accept something else

resource

something that meets the needs of humans

renewable resource

a resource that can replenish or replace itself

nonrenewable resource

natural resources that cannot be replenished

fossil fuels

fuels that come from the earth and the breaking down of material. ex.coal, petroleum, natural gas

traditional economy

a system in which trradition and custom control all economic activity, exists in only a few parts of the world today

market economy

an economic system based on free enterprise, in which businesses are privately owned and production and prices are determined by supply and demand

free enterprise

a feature of capitalism that allows peopl to make a profit and benefit from their talents and resources

capitalism

economic system that relies on the forces of supply and demand to control economic decisions

mixed economy

an economy in which the government supports and regulates enterprise through decisions that affect the marketplace

command economy

economic system in which economic decisions about production and distribution are made by some central authority

communism

society based on equality in which workers would control industrial production

socialism

political philosopbhy in which the government owns the means of production

developed counrty

country that has a great deal of technology and manufacturing

developing country

country in the process of becoming induwstrialized

industrialization

transition from an agricultural society to one based on industry

infastructure

the basic urban necessities like streets and utilities

standard of living

the degree to which a person group or society has the basic necessities comforts and luxuries

quality of life

the degree of enjoyment and satisfaction experienced in everyday life opposed to financial or material well-being

GDP per capita

the value of goods and services created within a country in a year per person

comparative advantage

countries have a comparative advantage for a product if they can produce it at a lower opportunity cost than other countries

trade barriers

things that prevent free trasde such as tariffs quotas and embargos

tariff

a tax on imports and exports

free trade

the removal of trade barriers so that goods can flow freely between countries

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