Vocabulary Definitions
A motivation for choosing one alternative over another.
What is incentive?
List 2 examples of factors of production that a society uses to produce goods and services.
what is: Land, labor, capital, or entrepreneurship
North Korea
What is Command Economy?
A developed country is dominated by jobs in this sector
What is the tertiary sector?
The US dollar, the yen, and the euro are examples of different types of this.
What is currency?
Something that happens as the result of a choice. If can be positive or negative.
Mary has a lot of clubs she wants to join in school. Two of them are on the same day and time after school. Art club and spanish honors society. If she chooses to attend art club for the semester, what is her opportunity cost?
What is attending spanish honors society
United States
Market
Jobs focused on providing services are part of this sector
what is the primary sector?
A country's _______ is a major determining factor in what they can produce.
What is resources?
The level of comfort the average person in a country can reasonably afford.
What is standard of living?
Dillon was able to play on his computer for an extra hour because he watched his brother and sister when his mom went to the store. This is an example of:
A positive consequence
France
Mixed
This is used to measure the value of all final goods and services produced within a country in a given year
GDP
To purchase a product from another country.
What is import?
To narrow one's focus in order to become an expert at producing a particular good or service.
What is Specialize?
Market economies produce goods that __________.
What is what consumers demand?
Haiti
Traditional
Investing in This instead of human labor will allow for work to be done much more quickly and the cost of production usually is decreased.
What is Technology or Machines?
The role of THIS organization is to encourage free trade among countries.
World Trade Organization
A decision not to trade with another country.
Grady's mom says he can play xbox if he gets an A on his social studies test. This is an example of...
What is an incentive?
Japan
Mixed
The most frequently used measure of economic development?
GDP per Capita
Countries establish THIS to protect domestic companies from international competition.
What is tariffs/trade barriers?