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| The study on how people use resources to produce distribute and consume goods.Ex Trucks ships and railroads are used for distribution |
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| An organized way a society uses to produce distribute and consume goods and services example of an economic system where the interaction of buyers and sellers determine what is produced how its produce and for whom is known as a market economic system |
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| Process of using natural resources or goods and services .ex the snowy winter resulted in an increase in the conception of snow shovels in warm clothing |
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| The process of making goods and services .example an assembly line is used in the production of automobiles |
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| Moving goods and services directly to or near consumers. example Truck's ships and railroads are used for the distribution of goods across the US |
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| Resources used to produce goods and services. Exthe factors of production are also called productive resources and include land labor and capital |
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| Physical environmental items that people perceive to be.ex.natural resources include water soil trees and minerals |
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| Workers in their abilities talents training skills and knowledge used to produce goods or services.exp.human resources may referred to physical or mental effortss |
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| Equipment or goods/machinery tools factories sores vehicles etc./that are used to produce other goods and services.Ex.tractors used to harvest crops are capital resources |
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| The development of increased interconnections in interdependence of many different economic systems marked by free-trade and free flow of capital labor and resources.EXEconomic globalization has made countries more connected and interdependent the never before |
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| And economic system in which the three main economic questions are answered by the government.EX.in a command economy prices are set by the government |
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| Economic system in which the three main economic questions are answered by the interaction of buyers and sellers.EX.in a market economy prices are set when sellers agree on the price for a good or service |
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| A situation in which one company controls and industry or is the only provider of a product or service.example.the company had a monopoly on tires so we could set the price is high and didn't have to worry about competition |
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| A government rule with the force of law that states what may not be done or has something must be done.example.many government regulations are aimed at protecting the health and safety of consumers |
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| The pattern in which goods and services and resources phone the marketplace.ex.in a circular flow model you can see how money travels from people to businesses and back to people again |
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| A combination of command and market economies.EX.most countries in the world today had mixed economies |
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| Gross domestic product/GDP |
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| The total value of all goods and services produced in a country.EX GDP is often used as a measurement of economic development |
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| Improved quality-of-life.EX.development leads to increase literacy rates and decreased poverty |
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| The well-being of a person or group.ex.education and health care can all improve quality-of-life |
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| Factors used to compare the development of one country against another.eX.GDP and life expectancy our development indicators |
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| The basic equipment structures insistent needed for a society or community to run.EX.growth and development countries is often difficult due to the lack of adequate infrastructure such as transportation communication sewage water and electrical systems |
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| A policy or practice by which a country increases its power by gaining control over other areas of the world.EX.imperialism lead to the colonization of most of Africa and 1800s |
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| The process by which a country takes control of another area and order to get raw materials and other benefits. Ex countries in Europe colonized most of Africa in the late 1800 |
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| The difference between the amount of goods exported and the amount of goods imported.ex.if the value of a countries exports is less than what it pays for it imports the country will have an unfavorable balance of trade |
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| Sending a product to another country for sale.EX.the United States exports fruits vegetables to other countries |
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| The exchange of goods or services between individuals organizations or government of different nations.ex.many nations of the world participate in global or international trade |
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| Money; a medium of exchange.EX.each country has its own type of currency |
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| And amount of domestic currency compared to an equivalent amount of foreign currency.EX.exchange rate today was one US dollar to about 6 Chinese yuan |
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| Unrestricted trade between nations.E ask.free trade occurs in countries trade without taxes limits or punishments |
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| A tax on imported goods.EX.A tariff pf means someone importing a $100 item must pay in additional $10 to the government |
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| A penalty levied on another country.EX.economics sanction was placed on Iran because of its development of a nuclear industry |
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| A trade restrictions that prevent a country from trading with another.EXT.the US has had a trade embargo against Cuba for many years |
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| North American free trade agreement (NAFTA) |
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| In agreement between Canada Mexico and the US to remote unrestricted trade among these countries.EX.NAFTA has resulted in free trade among Canada US and Mexico |
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