Economic Terms

Is the total value of all goods and services produced in a country in a year

• Profit

• Interest

• Market Economy (Capitalism)

• Gross Domestic Product (GDP)

Economy in which people make economic decisions based on their customs and habits

• Developing Countries

• Traditional Economy

• Mixed Economy

• Market Economy

Is a tax on imports or exports (example of a trade barrier)

• Incentive

• Scarcity

• Profit

• Tariff

Is the exchange of goods and services in a market

• Interest

• Demand

• Tariff

• Trade

Is the study of how people meet their wants and needs

• Economics

• Producers

• Incentive

• Revenue

Economy in which the central government makes all basic economic decisions ex. North Korea and Cuba

• Market Economy (Capitalism)

• Traditional Economy

• Mixed Economy

• Command Economy (Communism)

The act of concentrating on a limited number of goods or activities

• Specialization

• Budget

• Trade Barrier

• Saving

Countries with less-productive economies and lower standard of living ex. Haiti or Ethiopia

• Traditional Economy

• Command Economy (Communism)

• Market Economy (Capitalism)

• Developing Countries

Is the money a company has left after subtracting the costs of doing business

• Profit

• Supply

• Credit

• Revenue

Which is the struggle among producers for consumers' money

• Developed Country

• Market

• Competition

• Inflation