BMMS Economic terms review

Opportunity Cost is...

• the loss of potential gain from other alternatives when one alternative is chosen.
• the formation of a word from a sound associated with what is named (e.g., cuckoo, sizzle ).
• make changes in something established, especially by introducing new methods, ideas, or products.
• HI MOM!

Scarcity is...

• measuring a small distance from end to end.
• the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
• (especially of food, money, or some other resource) insufficient for the demand.
• make (something) on a large scale using machinery.

Market Economy is...

• An economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses.
• a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.
• the economic factors affecting the price, demand, and availability of a commodity.
• the loss of potential gain from other alternatives when one alternative is chosen.

Command Economy is...

• the economic factors affecting the price, demand, and availability of a commodity.
• make (something needed or wanted) available to someone; provide.
• a thing that motivates or encourages one to do something.
• an economy in which production, investment, prices, and incomes are determined centrally by a government.

An agreement between countries that makes it easier for businesses in those countries to export and import goods.

• import

• Trade Agreement

• Export

A product brought into a country to be sold.

• Import

• Export

A product sent from one country to another to be sold.

• Import

• Export

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

GDP is:

• Gross Domestic Product

• General Domestic Production

• General Domestic Product

• Great Democratic Product

In my country my job is the same one that my family has done over the past 200 years.

• Traditional

• Command

• Market

• Mixed