Economic Basics
Having a limited quantity of resources to meet unlimited want
What is Scarcity?
An organized way for producers and consumers to trade goods and services
What is a market?
Country’s economic growth and quality of life
What is Development?
Good or service sold within a country that is that is produced in another country
What are imports?
Plan that shows income and expenses over a period of time
What is a budget?
Study of how people meet their wants and needs
What is economics?
Act of concentrating on a limited number of goods and services
What is Specialization?
Amount of goods and services produced given the amount of resources used.
What is Productivity
Good or service produced within a country and sold outside the country’s borders
What are exports?
Certificate issued by a company or government promising to pay back borrowed money with interest
What are Bonds?
People make choices about how to meet their wants and....
What are needs?
Money earned by selling goods and services
What is Revenue?
Total value of all goods and services produced in a country in a year. (Full name)
What is Gross Domestic Product
Something that keeps goods and services from entering a country
What is a Trade Barrier?
Share of ownership in a country
What is Stock?
Resources people use to make goods and services
What are Factors of Production?
How many months for a Recession to occur
What is 6 months?
Is Brazil a Developed or Developing country?
What is Developed County?
Trade involving producers and consumers located inside the same country
What is Domestic Trade?
Arrangement in which a buyer can purchase something and pay for it over time
What is credit?
The three main factors of production include Land, Labor, and....
What is capital?
What level of economic activity includes Forestry
What is Primary Industry?
About what percent of countries are developed?
What is 20%
Who does Free Trade hurt?
People must manage money to have enough for their __________ and _____________
What are wants and needs?