Economics Unit Vocab
Terms in this set (30)
What to produce?
What kinds of services and goods should be produced?)
How to produce?
What productive resources will be used to produce goods and services?)
For whom to produce?
(Who gets to have the goods and services?)
economic decisions are based on customs and traditions.
the government usually owns most of the property and makes decisions
private citizens own their own businesses and keep profits earned
no country has a pure economic system. Most are placed somewhere on a continuum between a market and command. Some government controls are present.
items that are used or needed by people
Natural resources -
gifts of nature, no human intervention. Renewable and non-renewable
goods people produce and use to make other goods and services- machines, tools
Human or labor resources-
quantity/ quality of human effort towards producing goods and services
someone who buys goods or services.
amount of money made by a business that is more than the amount put in at the start or paid out as expenses. Income minus expenses = profit
When wants or needs are greater than available resources- a shortage of something
something that makes a person want to work or do something.
reliance on trade with other countries to fulfill a country's needs
cooperation among nations in production and exchange of goods and services
concentration on a narrow range of goods and services
Trade deficit -
situation in which a country imports more than they export
situation in which a country imports more than it exports
-when the value of imports is balanced (equal) to the exports
a type of money that a country uses
having a variety
someone willing to take a risk to start a new business
the trading of goods and services without using currency (money)
Trade barriers -
anything that restricts free trade
taxes on goods that come into a country. (Imported goods). Makes the price of the imported goods more expensive. When the price goes up on goods from foreign countries, demand for the lower-priced item produced at home (domestic good) goes up.
A quota is a restriction on the amount of goods that can be imported into a country. Quotas can create shortages which can cause prices to rise.
An embargo is when a country prohibits the sale of certain products to another country. Embargoes are usually when two countries are having political disputes.
Standards are types of trade barriers where countries put safety and quality restrictions on a product.
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