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Rebecca Godfrey
Rebecca's econ words!
24
Economics
7th Grade
10/23/2008

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Term
economics
Definition
A system for producing, distributing and consuming goods and services.
Term
Infrastructure
Definition
Facilities and structures such as roads, bridges and power plants that are needed to build industries and more goods in and out of the country.
Term
foreign aid
Definition
loans/gifts of money from one country to another.
Term
communism
Definition
An economic and political system in which the government owns and controls almost all of its facilities and resources necessary to make products.
Term
mixed economy
Definition
government owns important industries such as mining, steel or RRs, usually accompanied by a democratic political system.
Term
marketing
Definition
advertising, referring to a method of selling.
Term
gross domestic product GDP
Definition
includes only those goods and services produced within an country and does not include income earned outside of a country.
Term
telecommunications
Definition
electrically transmitted communications
Term
multi-national company
Definition
a business with activities in many countries.
Term
market economy
Definition
an economy in which customers demand what is bought or sold by buying or not buying certain goods and services.
Term
products
Definition
goods and items completely or partly manufactured
Term
competition
Definition
refers to business that manufactures products
Term
gross national product GNP
Definition
total value of goods and services produced by a country in a year both inside and outside
Term
developed country
Definition
a wealthy country that has a good educational system, widely available health care and many manufacturing/service industries.
Term
free enterprise
Definition
an economy principle under which prices are determined mostly through competition and people are free to choose what and when to sell/buy
Term
command economy
Definition
an economy in which the government determines wages, the kinds and amounts of goods/products and prices of goods
Term
consumer
Definition
customer
Term
supply
Definition
the quantity that producers are willing to sell at the given price
Term
literacy
Definition
the ability to read and write.
Term
developing country
Definition
a poor country in which many people live by subsistence farming and in which are few manufacturing and service industries.
Term
capitalism
Definition
an economic system based on free enterprise in which private individuals own resources, industries and businesses.
Term
traditional economy
Definition
an economy in which producing, buying and selling goods operates by the customs, traditions and habits of the group.
Term
guarantee
Definition
a warranty
Term
demand
Definition
the quantity that customers are willing and able to buy at a given price.
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