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Basic vocabulary for chapter 1
Terms in this set (46)
Goods
Things you can see and touch
Services
Activities that are consumed the same time they are produced
needs
things that are required in order to live
economic system
Nations plan for awnsering the three economic questions
command economy
resources are owned and controlled by the goverment
market economy
resources are owned and controlled by the people of the country
Traditional economy
goods and services are produced the way it has always been done
mixed economy
combines elements of command and market economies
Capitalism
the private ownership of resources by individuals, rather than by the goverment
consumer
a person who buys and uses goods and services
producers
individuals and organizations that determine what products and services will be available for sale
Demand
the quantity of a good or service that consumers are willing and able to buy
supply
the quantity of a good or service that businesses are willing and able to provide
Market Price
the point where supply and demand are equal
competiton
the rivalry among businesses to sell thier goods and services
Gross domestic product(GDP)
the total dollar value of all final goods and services produced in a country during one year
GDP per capita
another way to measure economic growth
unemployment rate
the number of people in the workforce that are unemployed
productivity
the production output in relation to a unit of input
personal income
reffering to salaries and wages as well as investment income and goverment payments to individuals
Retail sales
the sales of durable and non durable goods bought by consumers
business cycle
the movement of the economy from one condition to another and back again
prosperity
a period in which most people who want to work are working,wages are good,and GDP growth increases
Reccession
a period in which demand begins to decrease,businesses lower production,unemployment begins to rise,and GDP growths slows for two or more quarters of the calendar year
Depression
a phase marked by a prolonged period of high unemployment
Recovery
the phase in which unemployment begins to decrease,demand for goods and services increases, and GDP begins to rise again
inflation
an increase in the general level of prices
price index
a number that compares prices in one year with some ealier base year.
deflation
a decrease in the general level of prices
Capital projects
invole spending by businesses for items such as land,builing,equipment,and new products
Stock
represents ownership in a corporation
Bond
represents debt for an organization
Budget surplus
When a goverment spends less than it takes in
Budget deficit
a goverment may spend more than it takes in
National Debt
the total amount owed by the federal goverment
Imports
items bought from another country
Exports
goods and services sold to other countries
balance of payments
the difference between the amount of money that comes into a country and the amount that goes out
Exchange rate
the value of a currenct in one country compared with the value in another
infrastructure
refers to a nations transportation,communication,and utility systems
Trade barrier
restrictions to free trade
quota
a set limit on the quantity of a product that may be imported or exported within a given period
Tariff
a tax that the goverment places on certain imported products
embargo
To stop the export or import of a product completely
multinational company
an orginization that does business inseveral countries
joint venture
an agreement between two or more companies to share a business project
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