Flashcards
Economics
Cards in this deck (30)
- 1economyThe wealth and resources of a country or region
- 2globalizationconnection of different parts of the world by the economy
- 3outsourcingWhen corporations move factories and jobs to poorer countries so they can pay lower wages,
- 4importto bring products INTO the country
- 5exportto send product OUT of the country
- 6GDPmeasure the total value of the goods and services that a country produces each year is called _____________
- 7monopolyWhen 1 business controls an entire industry without competition
- 82 countries with highest GDPUnited States and China
- 9example of services in an economyhealth care, dentist, landscaper, barber, nail salon, dog walker, call center
- 10unemployment rateThe percentage of labor that does not have a job
- 11entrepreneurIndividuals who start a new business or bring a product to the market
- 12tariffextra money or tax placed on an import to make people buy a different product produced at home
- 13quotalimit on the amount of one particular good that is imported
- 14competitionthere is more than 1 company that makes a product
effect: it lowers cost - 15demandmore people want a product
high demand: price increase
low demand price: decreases - 16supplyamount of a product
high supply: price decreases
low supply: price increase - 17opportunity costwhat you give up in order to receive something
- 18taxesPayments people are required to pay to local, state and national governments are called
- 19sales taxA tax that you buy when you buy a product is called
- 20excise taxA tax imposed on a specific good or activity such as cigarettes, alcoholic beverages, and gasoline
- 21social securityIncome for people that are retired, have a disability or child who have lost a parent
- 22laborfactor of production deals with workers
- 23capitalfactors of productions is the equipment, buildings, machinery, and tools used in production. The money to keep a business running
- 24landfactors of production that deals with natural resources
- 25communisttype of economy where government owns all and makes decisions
- 26marketeconomy where goods and services offered by private companies
- 27mixedeconomy where both government and business are involved
- 28command economyGovernment makes all decisions and owns everything
- 29market economygoods and services offered by private companies.
- 30mixed economyBoth government and business are involved
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- Flashcards on Economics, created by James Ward on 15/12/2023.
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- James Ward
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