Economics Vocabulary 1
The sale of goods in large quantities to retailers or dealers.
Wholesale
The business of encouraging and serving people who travel for pleasure.
Tourism
A common currency shared by nations in the European economic community.
Euro
The sale of products or goods in small amounts to people for their own use.
Retail
People with new ideas who are willing to take risks to start a business or make a product.
Entrepreneurs
Being occupied in cultivating soil, producing crops, or raising livestock.
Agriculture
Communism
An economic system in which the government owns and operates many of the nation's major industries-such as banks, airlines, railroads, and power plants-but allows individuals to own other businesses including stores, farms, and factories.
Socialism
The businesses that provide a particular product or service. People working in this field take raw materials and make a product out of them.
Industry
Which economy has the least amount of government control?
Market Economy/Capitalism
An economic system in which a nation's economic decisions are the result of individual decisions by buyers and sellers in the marketplace.
Capitalism
Tools, machines, materials, plans, and procedures that aid in the production of goods and services.
Technology
The total value of all goods and services produced by a country in one year
Gross Domestic Product
The amount of money that the average person makes in one year in a nation.
Per Capita Income
What is a tax on imports?
Tariff
An economic system in which people's economic roles are the same as those of their parents and grandparents.
Traditional Economy
Learned behavior acquired by members of a social group who share certain beliefs and languages.
Culture
Useful labor that does not produce goods.
Service
Production of a product for sale.
Manufacturing
Doctor
Service, Industrial, or Agriculture?
Service
The buying and selling of goods and services.
Commerce
Having only enough to provide for the basic needs of food and shelter.
Subsistence
Money used to help in the exchange of goods and services.
currency
1n 1994, Canada, the United States, and Mexico enacted this agreement to remove all trade restrictions between the 3 nations.
NAFTA (North American Free Trade Agreement)
If the supply is low, and the demand is high, then the price does what?
Price goes up