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Erstellt von James Ward
vor 8 Monate
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Frage | Antworten |
economy | The wealth and resources of a country or region |
globalization | connection of different parts of the world by the economy |
outsourcing | When corporations move factories and jobs to poorer countries so they can pay lower wages, |
import | to bring products INTO the country |
export | to send product OUT of the country |
GDP | measure the total value of the goods and services that a country produces each year is called _____________ |
monopoly | When 1 business controls an entire industry without competition |
2 countries with highest GDP | United States and China |
example of services in an economy | health care, dentist, landscaper, barber, nail salon, dog walker, call center |
unemployment rate | The percentage of labor that does not have a job |
entrepreneur | Individuals who start a new business or bring a product to the market |
tariff | extra money or tax placed on an import to make people buy a different product produced at home |
quota | limit on the amount of one particular good that is imported |
competition | there is more than 1 company that makes a product effect: it lowers cost |
demand | more people want a product high demand: price increase low demand price: decreases |
supply | amount of a product high supply: price decreases low supply: price increase |
opportunity cost | what you give up in order to receive something |
taxes | Payments people are required to pay to local, state and national governments are called |
sales tax | A tax that you buy when you buy a product is called |
excise tax | A tax imposed on a specific good or activity such as cigarettes, alcoholic beverages, and gasoline |
social security | Income for people that are retired, have a disability or child who have lost a parent |
labor | factor of production deals with workers |
capital | factors of productions is the equipment, buildings, machinery, and tools used in production. The money to keep a business running |
land | factors of production that deals with natural resources |
communist | type of economy where government owns all and makes decisions |
market | economy where goods and services offered by private companies |
mixed | economy where both government and business are involved |
command economy | Government makes all decisions and owns everything |
market economy | goods and services offered by private companies. |
mixed economy | Both government and business are involved |
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