7th grade economics
Terms in this set (34)
the limited supply of something
An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
Command Economy (Communism)
an economy in which production, investment, prices, and incomes are determined centrally by a government.
Market Economy (Capitalism)
A way of organizing an economy so that the things that are used to make and transport products are owned by individual people
trading without using money
commercial establishments that attempt to earn profits for their owners by offering goods and services for sale
A person who purchases goods and services for personal use
the total value of goods and services provided in a country during one year (gross domestic product)
materials found in nature that are used by living things
Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
Buildings, machines, technology, and tools needed to produce goods and services.
people who risk their own money and time to start and operate a business
the knowledge and skills a worker gains through education and experience
An improvement of an existing technological product, system, or method of doing something.
a person who likes to take chances
standard of living
Quality of life based on ownership of necessities and luxuries that make life easier.
the percent of people age 15 plus in a country who can read and write a simple sentence
cycle of poverty
children in welfare families may end up on welfare themselves when they grow up
Taxes, quotas, and other restrictions on goods entering or leaving a country.
international trade free of government interference
Goods and Services sold to other countries
goods and services purchased from other countries
Physical Trade Barrier
Any physical feature, such as a river, mountains, desert, that inhibits trade (makes trade difficult)
a tax put on goods imported from other countries
is a restriction on the amount of a good that can be imported into a country
an official ban on trade or other commercial activity with a particular country.
the method a country uses to answer the three economic questions; either traditional, command, or market
norms and expectations about the way people do things in a specific country
A financial gain, esp. the difference between the amount earned and the amount spent in buying, operating, or producing something-ultimate goal of a business is to make money
medium of exchange
Any item sellers generally accept and buyers generally use to pay for a good or service; money; a convenient means of exchanging goods and services without engaging in barter.
goods and services, such as prescription drugs, consultations with a doctor, and surgeries, that are intended to maintain or improve a person's health
having to do with the household or family; not foreign
The amount of goods available
the quantity of a good or service that consumers are willing and able to buy
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