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Core concepts 5
define developing countries
define revenue
Core concepts 5
38 terms
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Answers
1
define revenue
whats left over from an explosion or crime scene
the money earned by selling goods and services
2
define developing countries
unfinished countries
countries with low living standards and a weak ecomomy
3
define GDP
Great dynamic proportions
the total value of all goods produced in countries per year
4
trade barrier a government policy that limits trade
true
false
5
interest the price payed for borrowing money
true
false
6
define opportunity cost
the cost of what you have to give up
the cost of what you get
7
define consumers
fake sumo wrestlers
people or businesses that buy or consume products
8
define supply
the amount of good or service available
cost 500 fish points
9
What's the definition of economics
is the study of how people meet there wants and needs
the study of plant life ecology
the study of financial needs
the study of ecosystems
10
define development
economic growth or increased living standards
building and games
11
define technology
a computer or spoon
the practical application of knowledge to accomplish a task
12
define competition
a fight between food or money
the struggle among producers for consumers money
13
define recession
decline in economic growth for six+ months in a row
retreating into a dark place
14
define demand
someone who creates a good or service
desire for a certain good or service
15
tariff are goods and services brought in to a country from other countries
false
true
16
exports are goods or services produced inside a country and sold to another country
false
true
17
define market
organized way for producers and consumers to trade goods
Islamic house of worship
18
stock the share of ownership in a company
true
false
19
define developed country
finished country
country that has high living standards and a strong economy
20
investing the act of using money for futer profit
false
true
21
define incentive
aromatic things
factor that encourages people to do things
22
define producers
professional ducers
people or businesses that make that make and sell products
23
define market economy
economy in which singular producers and consumers choose
Mejier, Walmart, hh Greg, and J. C. Pennys
24
free trade tax on imports or exports
true
false
25
define command economy
Korea, China, Japan, U.S.A.
economy in which the central government makes all decisions
26
What does scarcity mean
cant produce resources
can produce resources
Lots of reasources
having a limited amount of reasources
27
define inflation
general increase in prices
the swelling of a wound
28
define mixed economy
economy that combines all economys
Baking, cooking, and painting
29
define traditional economy
economy which people make economic decisions based on habbit
only being able to do things that your ancestors did
30
import or the removal of trade barriers
false
true
31
define productivity
the amount of goods or services produced in a country
the doing of efficient work
32
define specialization
a group of highly trained people
the act of concentrating on a limited number of goods
33
credit a certificate issued by a company or government promising to pay back borrowed money
true
false
34
saving the act of setting aside money for further use
false
true
35
budget the act for setting aside money for further use
true
false
36
bond a plan that shows in come and expenses over a period over time
false
true
37
define profit
the money that a company has left
professional fitness worker
38
trade is the exchange of goods or services
true
false
