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Definition
| a person who purchases goods and services for personal use |
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| rivalry among sellers trying to achieve such goals as increasing profits |
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| consumer's desire and willingness to pay a price for a specific good or service |
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| a country with a highly developed economy and advanced technological infrastructure |
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| a poor agricultural country that is seeking to become more advanced economically and socially |
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| the branch of knowledge concerned with the production, consumption, and transfer of wealth |
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| send (goods or services) to another country for sale |
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| bring (goods or services) into a country from abroad for sale |
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| a thing that motivates or encourages one to do something. |
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| a general increase in prices and fall in the purchasing value of money |
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| a regular gathering of companies for the purchase and sale of products |
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| a person, company, or country that makes, grows, or supplies goods or commodities for sale |
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Definition
| the state or quality of producing something |
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| amount of money made after all expenses are paid |
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| a method of production where a company focuses on producing a limited number of (specialized) products or services |
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| the total amount of a specific good or service that is available to consumers |
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| a tax or duty to be paid on imports/exports |
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| measure that governments use to make imported goods less competitive than local goods. |
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| Example of Specialization |
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Definition
5 Guys: Hamburgers
2K: Video Games
Microsoft: Computer Products |
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Definition
| a period of temporary economic decline during which trade and industrial activity are reduced |
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Definition
| an original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces; often rural and farm based. |
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Definition
| an economy based on supply and demand and prices of goods and services are determined in a free market system |
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| an economy in which production, investment, prices, and incomes are determined centrally by a government. |
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| an economic system combining private and public companies. |
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Term
| 3 Factors Used by Economist to Calculate Economic Development |
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Definition
1. Gross National Product: measures the economic output of a country.
2. Per Capital Real Income: measurement of income which factors in population
3. Physical Quality of Life Index: measurement of the most basic needs of people. |
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| 3 Ways to Increase Economic Development |
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Definition
1. Invest in education.
2. Increase the labor force.
3. Invest in infrastructure (roads, sewage and plumbing, power lines, etc) |
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