Graphing Consumption & Determinants of Consumption Consumption Part 2.
Economic Vocabulary Terms. What is Economics? Social science that seeks to describe the factors...
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Transcript of Economic Vocabulary Terms. What is Economics? Social science that seeks to describe the factors...
![Page 1: Economic Vocabulary Terms. What is Economics? Social science that seeks to describe the factors which determine the production, distribution and consumption.](https://reader036.fdocuments.in/reader036/viewer/2022062519/5697c00d1a28abf838cc98ca/html5/thumbnails/1.jpg)
Economic Vocabulary Terms
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What is Economics?
• Social science that seeks to describe the factors which determine the production, distribution and consumption of goods and services.
• Explains how and what and why something is produced, how is it sold, who and what is bought
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Collective Farming
•Communal farming in which several farmers run their holdings as a joint enterprise
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Command Economy
•A system of resource management in which decisions about production and distribution of goods and services are made by a central authority (the government)
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Commodity
•People with common interests living in a particular area
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Cottage Industry
•A business that employs workers in their homes
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Trade Deficit
•Spending more on trade imports than making on exports
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E-Commerce
•Buying and selling on the internet
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Free Enterprise
•A system in which private individuals or groups have the right to own property or businesses and make a profit with limited government interference
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Free Trade Zone
•An area of a country in which trade restrictions do no apply
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Infrastructure
•Public services or systems such as power, water and sewage, transportation and communication networks, and schools and health care facilities.
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Market Economy
•An economic system based on free enterprise, in which businesses are privately owned and production and prices are determined by supply and demand
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Industrialization
•The process in which a society or country transforms itself from a primarily agricultural society into one based on the manufacturing of goods and service
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Tariff
•A tax on imports
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Capitalism
•A system in which factors of production are privately owned
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Mixed Economy
•A system of resource management in which the government supports and regulates enterprise through decisions that affect the marketplace
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Regulates
•To govern or direct according to rule
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More Developed Counties•A country that has highly developed and advanced technological infrastructure
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Less Developed Countries• A country that exhibits the lowest indicators of socioeconomic development
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Newly Industrialized Countries•A country that has begun
transitioning from primarily agricultural to primarily manufacturing and industrial activity
• Mexico, China
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Gross Domestic Product (GDP)•The value of goods and services produced within a country in one year
• Produced within the countries borders
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Gross National Product (GNP)•The value of goods and services produced by a country in one year
• Goods and service produced outside the countries borders
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Natural Resources
•Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
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Trade Surplus
•Earning more money from export sales than spending for imports
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Traditional Economy
•A system in which tradition and customs control all economic activity
• EX) Amish