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Economics and Globe trade

Terms in this set (67)

Economics is the study of how people choose to use resources to produce.
Economics is the ----- of how people choose to use resources to produce.
Economists study the production, distribution, and consumption of goods and
Economists study the ----------, distribution, and consumption of goods and
An economic system is a way in which a society organizes the production,

consumption, and distribution of goods and services.
An economic system is a way in which a society organizes the production,

consumption, and ------------ of goods and services.
Due to advances in technology and human innovation, the economic systems

of many different countries have become interconnected and interdependent.
Due to advances in ---------- and human innovation, the economic systems

of many different countries have become interconnected and interdependent.
Economists and others refer to the development of increased interconnections

and interdependence of many different economic systems marked by free trade

and the free flow of capital, labor, and resources as economic globalization.
Economists and others refer to the development of increased interconnections

and --------------- of many different economic systems marked by free trade

and the free flow of capital, labor, and resources as economic globalization.
economics
the study of how people
use resources to produce,
distribute and consume
goods and services
consumption
An economic system where the
interactions of buyers and sellers determine
what is produce, how it is produced and for
whom is known as a market economic system.
economic system
an organized way a society uses to
produce, distribute, and consume goods
and services
production
the process of making goods and
services
the process of using natural resources
or goods and services
distribution
moving goods and services directly to or
near consumers
factors of production
the resources used to produce goods
and services
natural (land) resource
The factors of production are also
called "productive resources" and include land,
labor, and capital.
human (labor) resources
Human resources may refer to
physical or mental efforts.
capital resources
equipment or goods (machinery, tools,
factories, stores, vehicles, etc.) that are
used to produce other goods and
services
economic globalization
economic globalization
the development of
increased
interconnections and interdependence
of many different economic systems
marked by free trade and the free flow
of capital, labor, and resources
All societies have to answer the three main economic questions: What to produce? How to produce? Who should get what is produced?
All --------- have to answer the three main economic questions: What to produce? How to produce? Who should get what is produced?
Different types of economic systems result when different groups of people have the power and authority to answer the three main economic questions.
Different types of -------- systems result when different groups of people have the power and authority to answer the three main economic questions.
In a command system, the economic questions are answered by the government.
In a command system, the economic questions are answered by the -----------------.
In a market system, the economic questions are answered by the interaction of buyers and sellers.
In a market system, the -------------- questions are answered by the interaction of buyers and sellers.
Most countries today have a mixed economic system which means part of the economy is driven by the interactions of buyers and sellers and part of it is controlled by the government.
Most countries today have a mixed economic system which means part of the ---------- is driven by the interactions of buyers and sellers and part of it is controlled by the government.
Not all mixed economic systems are the same; they differ in the amount of power and authority the government has over the economy.
Not all mixed economic ----------- are the same; they differ in the amount of power and authority the government has over the economy.
command economy
an economic system in which the three main economic questions are answered by the government
market economy
an economic system in which the three main economic questions are answered by the interaction of buyers and sellers
circular flow
the pattern in which
goods and services and resources flow
in the marketplace
mixed economy
a combination of command and market economies
monopoly
a situation in which one company controls an industry or is the only provider of a product or service
regulation
a government rule with the force of law that states what may or may not be done or how something must be done
All societies have to answer the three main economic questions: What to produce? How to produce? Who should get what is produced?
All societies have to answer the three main ----------- questions: What to produce? How to produce? Who should get what is produced?
Not all countries are the same in terms of well-being. Social scientists use several different ways to measure if a country is "rich" or "poor".
Not all countries are the same in terms of well-being. Social ------------- use several different ways to measure if a country is "rich" or "poor".
One way social scientists measure the well-being of a country is by looking at economic outcomes. The Gross Domestic Product (GDP) is an economic indicator which measures the total value of all goods and services produced in a country. By looking at changes in a country's GDP, social scientists can tell whether a country is producing more goods than it did in the prior year.
One way social scientists measure the well-being of a country is by looking at economic outcomes. The Gross Domestic Product (GDP) is an economic indicator which ------------ the total value of all goods and services produced in a country. By looking at changes in a country's GDP, social scientists can tell whether a country is producing more goods than it did in the prior year.
Another way in which social scientists measure the wealth of a country is by the level of development. Level of development is measured by indicators that relate to the quality of life such as years of schooling, life expectancy, and income. When social scientists measure the well-being of a country based on its level of development, they are considering both economic and social factors.
Another way in which social scientists measure the wealth of a country is by the level of development. Level of development is measured by indicators that relate to the quality of life such as years of schooling, life ------------, and income. When social scientists measure the well-being of a country based on its level of development, they are considering both economic and social factors.
In most cases, economic growth leads to development, or improved quality of life in a country.
In most cases, ----------- growth leads to development, or improved quality of life in a country.
Factors like technology, political stability and improvements in infrastructure (roads, water supply and electricity) can lead to economic growth. However, factors like conflict, lack of resources, and natural hazards can negatively affect economic growth.
Factors like ------------, political stability and improvements in infrastructure (roads, water supply and electricity) can lead to economic growth. However, factors like conflict, lack of resources, and natural hazards can negatively affect economic growth.
Gross Domestic Product
(GDP)
the total value of all
goods and services produced in a country
development
improved quality of life
quality of life
the well-being of a person or a group
development indicators
factors used to compare the development of one region against another
infrastructure
the basic equipment, structures, and systems needed for a society or community to run
Economic growth is often viewed as a country's ability to produce more goods in less time and is measured in Gross Domestic Product.
Economic growth is often viewed as a country's ability to produce more goods in less time and is measured in ------- Domestic Product.
During the 1800s, several European countries divided up the continent of Africa in order to colonize it.
During the 1800s, several ------------- countries divided up the continent of Africa in order to colonize it.
The colonizing countries wanted raw materials for their industries from their colonies. They also wanted markets for the manufactured goods they were producing.
The colonizing countries wanted raw materials for their industries from their colonies. They also wanted markets for the --------------------- goods they were producing.
Colonization caused long-lasting social, economic, and political problems for the people of Africa.
Colonization caused long-lasting social, economic, and political --------------- for the people of Africa.
Many current problems relating to economic growth and development such as lack of infrastructure and slow industrial growth can be traced back to colonial times.
Many current problems relating to economic growth and -------------------- such as lack of infrastructure and slow industrial growth can be traced back to colonial times.
imperialism
a policy or practice by which a country increases its power by gaining control over other areas of the world
colonization
the process by which a country takes control of another area in order to get raw materials and other benefits
balance of trade
the difference between the amount of goods exported and the amount of goods imported
integration
combining parts so that they work together
global trade
the exchange of goods or services between individuals, organizations, or governments of different nations
currency
money; a medium of exchange
exchange rateexchange rate
an amount of domestic currency compared to an equivalent amount of foreign currencyan amount of domestic currency compared to an equivalent amount of foreign currency
republic
a government where
people hold the power of
government and choose leaders to make laws and decisions for them
popular
sovereignty
the power and
authority of the government comes from the people
limited government
the government's power over its citizens is restricted by laws or a constitution
federalism
power is divided and shared between the federal
separation of powers
power is separated, or divided, among different branches of government
checks and balances
the way in which the different branches of government keep each other from having too much power
democracy
rule by the people or a government in which many people are able to participate and is based on the idea of majority rule
representative democracy
a form of democracy where people elect representatives and give them the power to make laws and decisions
autocracy
a form of government where one person has unlimited power
oligarchy
rule by a small group of people
diplomatic exchanges
international visits in which government officials seek to build understanding and trust
cultural exchanges
the exchange or interaction of students, artists, athletes and others between two or more countries to promote mutual understanding
humanitarian aid
actions designed to save lives, alleviate suffering and maintain and protect human dignity during and in the aftermath of man-made crises and natural disasters, as well as to prevent and strengthen preparedness for the occurrence of such situations
international governmental organization
nations, through treaties and agreements, can create international governmental organizations to address and manage common issues
non-governmental organization
nonprofit voluntary citizens groups, organized on a local, national, or international level, and are focused on particular issues such as human rights, environmental, or poverty issues
treaty
an official agreement made between two or more countries
negotiate
to discuss something formally in order to reach an agreement
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