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Economic Terms
These are economic terms.
38
Economics
7th Grade
02/17/2010

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Term
Interest Rate
Definition
The percentage of a sum of money charged for its use.
Term
Taxation
Definition
The imposition of taxes; the practice of the government in levying taxes on the subjects of a state.
Term
Income Tax
Definition
A personal tax levied on annual income.
Term
Property Tax
Definition
A capital tax on property imposed by municipalities; based on the estimated value of the property .
Term
Sales Tax
Definition
A tax based on the cost of the item purchased and collected directly from the buyer.
Term
Deductible
Definition
A clause in an insurance policy that relieves the insurer of responsibility to pay the initial loss up to a stated amount .
Term
Down Payment
Definition
A partial payment made at the time of purchase; the balance to be paid later.
Term
Balance of Trade
Definition
That part of a nation's balance of payments dealing with imports and exports, that is trade in goods and services, over a given period. If exports of goods exceed imports, the trade balance is said to be favorable; if imports exceed exports, the trade balance if said to be unfavorable.
Term
Imports
Definition
Commodities (goods or services) bought from a foreign country.
Term
Exports
Definition
To export products or raw materials means to sell them to another country.
Term
Capitalism
Definition
Capitalism is an economic and political system in which property, business, and industry are owned by private individuals and not by the state.
Term
Communism
Definition
Communism is the political belief that all people are equal and that workers should control the means of producing things.
Term
Socialism
Definition
Socialism is a set of left-wing political principles whose general aim is to create a system in which everyone has an equal opportunity to benefit from a country's wealth. Under socialism, the country's main industries are usually owned by the state.
Term
Production
Definition
Production is the process of manufacturing or growing something in large quantities.
Term
Consumption
Definition
Consumption is the act of buying and using things.
Term
Capital
Definition
Capital is a large sum of money which you use to start a business, or which you invest in order to make more money.
Term
Labor
Definition
Labor is very hard work, usually physical work.
Term
Opportunity Cost
Definition
Cost in terms of foregoing alternatives.
Term
Overhead Cost
Definition
In business, overhead, overhead cost or overhead expense refers to an ongoing expense of operating a business (also known as Operating Expenses - rent, gas/electricity, wages etc).
Term
Capital Goods
Definition
Capital goods are used to make other products.
Term
Consumer Goods
Definition
Consumer goods are items bought by people for their own use, rather than by businesses.
Term
Durable Goods
Definition
Durable goods or durables are goods such as televisions or cars which are expected to last a long time, and are bought infrequently.
Term
Services
Definition
A service is something that the public needs, such as transport, communications facilities, hospitals, or energy supplies, which is provided in a planned and organized way by the government or an official body.
Term
Primary Economic Activity
Definition
Using natural resources: farming, fishing, lumbering, mining.
Term
Secondary Economic Activity
Definition
Changing natural resources into new products: manufacturing, refining, etc.
Term
Tertiary Activity
Definition
Economic activity involving providing services such as banking or retail.
Term
Quartenary Activity
Definition
Economic activity involving the collection, processing, and distribution of information.
Term
Scarcity
Definition
A small and inadequate amount.
Term
Wants
Definition
In economics, a want is something that is desired.
Term
Needs
Definition
A need is something that is necessary for humans to live a healthy life.
Term
Conspicuous Consumption
Definition
Buying expensive services and products in order to flaunt your wealth.
Term
Tariffs
Definition
A tax imposed on imported goods.
Term
Quota
Definition
The quantity of goods of a specific kind that a country permits to be imported without restriction or imposition of additional duties.
Term
Embargos
Definition
An embargo is the partial or complete prohibition of commerce and trade with a particular country, in order to isolate it.
Term
Subsidy
Definition
A grant paid by a government to an enterprise that benefits the public.
Term
Supply
Definition
In economics, supply is the amount of some product which will be available to customers. Usually, supply is plotted as a supply curve showing the relationship of price to the amount of product businesses are willing to sell.
Term
Demand
Definition
The ability and desire to purchase goods and services.
Term
Inflation
Definition
A general and progressive increase in prices.
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