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Economics Terms Volume #1:Economics – the social science dealing with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources.Gross Domestic Product- is the dollar value of all goods, services, and structures produced in a country within a calendar mand Economy – an economy in which the gov’t decides what to produce, how to produce it, and for whom to produce it.Free Market Economy – an economy in which the market place decides what to produce, how to produce it, and for whom to produce it with no government intervention.Mixed Economy – economy has limited government intervention and regulation.Capitalism- economic system in which private citizens own and use factors of production in order to generate profit.International trade – trade between different countries.Domestic trade – trade within a country.Interdependent – this is when people rely on others and others rely on them for economic well-petition – different companies producing the same product and selling it to consumers. Variety – choice of different productsResources – material or service that can be used into making goods or services (human, capital, materials)Economic Terms Volume #2:Supply – schedule of quantities offered for sale at all possible prices in a market.Demand – combination of desire, ability, and willingness to buy a product.Capital – tools, equipment, and factories used in the production of goods and services.Boycott- protest in the form of refusal to buy, including attempts to convince others to join.Assets – properties, possessions & claims, usually listed as entries on a balance sheetImports – the goods and services that a nation buys from other nationsExports – the goods and services that a nation produces and then sells to other nationsConsumer – people or businesses that purchase goods or servicesProducer – the makers of goods and servicesGoods – tangible product that is useful but scarce. It is used to satisfy wants and needs.Services – work or labor performed for someone. This can include home repair and entertainment.Trade-offs – alternatives that must be given up when one is chosen rather than anotherOpportunity cost – cost of the next best alternative, use of money, time or resources when one choice is made rather than another.Shortage – situation where quantity supplied is less than quantity demanded at a given petition – the struggle among sellers to attract consumers while lowering costs.Scarcity – economic problem facing all societies that results from a combination of scarce resources & people’s unlimited wants. ................
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