Economics
Land, labor, and capitol
What are the three factors of production?
The exchange of goods and services
What is trade?
three factors economist look at when studying a nation's economic development
What are education, literacy, and life expectancy?
United states
What is developed?
people or businesses that make and sell goods or services
What is producers?
The study of how people meet their needs and wants
What is economics?
trade that occurs between consumers and producers within a country
What is domestic trade?
Total value of goods and services produced within a country in one year
What is the gross domestic product?
England
What is developed?
People or businesses that buy or use the goods and services
What are consumers?
Examples include foods, clothes, things
What are goods?
Tariffs, quotas, and embargos
What are trade barriers?
* economy that combines traditional, market, and command economies
What is mixed economy?
South Sudan
What is undeveloped country?
producers and consumers exchanging goods and services in a market
What is economic process?
helpful or valuable actions that people provide to meet a need or want
What are services?
The cost of what you give up
What is opportunity cost?
*This economy has the government make all the decisions
What is command economy?
Haiti
What is undeveloped country?
Ability and willingness to produce a certain good or service
What is supply?
a limited quantity of resources to meet unlimited wants
What is scarcity?
desire or want for a certain good or service?
What is demand?
*This economy is based on group customs and are not very common
What is Traditional economy?
Australia
What is developed country?
*Based on principles of freedom, competition, and price where individual consumers and producers make the decisions
What is Market economy