CH.16 Vocab
CH.17 Vocab
CH.18 Vocab
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100
The goods and services that a nation buys from other nations
Imports
100
Third stage in the Economic Development
Takeoff
100
The movement toward a more integrated and interdependent world economy
Globalization
100
Basic requirement for survival, including food, clothing, and shelter
Need
100
Combination of desire, ability, and willingness to buy a product
Demand
200
Limit on the amount of a good that is allowed into a country
Quota
200
Small unsecured loan made primarily to women to help them undertake an income-generating project in a developing country
Micro Loan
200
State in which a society produces only enough to support itself
Subsistence
200
Risk taking individual in search of profits
Entrepreneur
200
Shift of the demand curve when people buy different amounts of every price
Change in Demand
300
Difference between money paid to ,and received from, other nations in trade
Balance Of Payments
300
Government confiscation of private or foreign owned good without compensation
Expropriation
300
Energy made from wood, peat, municipal solid waste, straw, corn tires, landfill gases, fish oils, and other waste
Biomass
300
Tools, equipment and factories used in the production of goods and services
Capital or Capital Goods
300
What Subject is the Hardest Ever?
Economics ( Mrs. LUBIN Class)
400
Balance of payments outcome when spending on imports exceeds revenues received from exports
Trade Deficit
400
Comprehensive, centralized economic plan used by the former Soviet Union to coordinate the development of industry and agriculture
Five-Year Plan
400
Fundamental economic problem of meeting peoples virtually unlimited wants with scarce resources
Scarcity
400
Measure of the amount of output produced with given amount of productive factors
Productivity
400
Effect that part of a change in quantity demanded due to a price change that makes other products more or less costly
Substitution
500
Trade law allowing another country to enjoy the same tariff reductions the united states negotiates with any third country
Most Favored Nation Clause
500
Forced common ownership of all agricultural, industrial, and trading enterprises used in the former Soviet Union to boost output.
Collectivization
500
Pollution in the form of rainwater mixed with sulfur dioxide to create a mild form of sulfuric acid
Acid Rain
500
Diagram representing the maximum combinations of goods and/or services an economy can produce when all productive resources are fully employed
Production Possibilities Frontier
500
What causes Change in Demand? (Atleast Two)
Consumer Tastes, Price of Substitutes, Price of complements, Expectation, Number of Consumers, and Consumer income
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