| A | B |
|---|
| Capitalism | A system of economics based on the private ownership of business and the products (goods and services) made and sold. |
| Tariffs | Fees on exported and imported goods and services |
| Competitive advantage | The advantage one business has over another, generally due to lower production costs or a better product |
| Economics | The study of how a society manages its resources to produce and distribute goods and services |
| Embargo | A government order that restricts or prohibits trade completely |
| Exports | When countries sell their resources, materials, and goods they produce to another country |
| Factors of production | All of the things necessary to produce goods or services |
| Globalization | The interaction between the various countries of the world |
| Global economics | The study of how all the different economies in the world work together |
| Global interdependence | Countries depend upon one another to provide the goods and services they need in exchange for money or a trade of resources |
| Gross domestic product (GDP) | The total market value of all the finished goods and services produced by a country during a specified period |
| Imports | When countries buy resources, materials, and goods from another country |
| Inflation | The rate at which the prices for goods and services rise |
| Rationing | A process to control the amount of goods and services being used by restricting individuals’ rights to purchase those goods and services |
| Scarcity | A condition of limited resources and unlimited wants by people |
| Socialism | An economic system based on public or collective ownership (such as government) of resources and production |
| Chain of production | The development and movement of goods and services through an economic system |
| Operating expenses | expenses necessary for running a business |
| Unemployment | When a person who is actively looking for employment can't find work |
| Economics | The study of how a society manages its resources to produce and distribute goods and services |
| Embargo | A government order that restricts or prohibits trade completely |
| Exports | When countries sell their resources, materials, and goods they produce to another country |
| Factors of production | All of the things necessary to produce goods or services |
| Globalization | The interaction between the various countries of the world |
| Global economics | The study of how all the different economies in the world work together |
| Global interdependence | Countries depend upon one another to provide the goods and services they need in exchange for money or a trade of resources |
| Capitalism | A system of economics based on the private ownership of business and the products (goods and services) made and sold. |
| Gross domestic product (GDP) | The total market value of all the finished goods and services produced by a country during a specified period |
| Imports | When countries buy resources, materials, and goods from another country |
| Inflation | The rate at which the prices for goods and services rise |
| Rationing | A process to control the amount of goods and services being used by restricting individuals’ rights to purchase those goods and services |
| Scarcity | A condition of limited resources and unlimited wants by people |
| Socialism | An economic system based on public or collective ownership (such as government) of resources and production |
| Chain of production | The development and movement of goods and services through an economic system |
| Capital goods | A category of exports that covers a wide variety of items |
| Durable goods | Man-made items that businesses use to produce their own goods and services |
| Comparative advantage | When one business or country has the ability to produce a good or service more efficiently than its competitors |
| Differential advantage | When a business's or country's product or service is perceived as superior by some consumers |
| Absolute advantage | When a business or country can produce a good or service at an overall lower cost than its competitors |
| Economic system | An organized way that a state, nation, or country manages all their production, buying, and selling |
| Macroeconomics | The study of the overall economy and how various factors influence the relationships between the consumer, business, government, and global sectors |
| Tariffs | Fees on exported and imported goods and services |
| Primary | Getting and refining raw materials from the earth |
| Secondary | Processing raw materials into finished goods |
| Tertiary | Services to businesses and consumers |
| Quaternary | Industries that process and distribute information |
| Microeconomics | The study of economic decisions made by individuals and businesses |
| Fixed costs | Things that cost the same no matter the quantity of goods or services sold |
| Variable costs | Costs that depend on the quantity sold |
| Marginal costs | The difference in the production cost to create one additional unit |
| Goods | Tangible items such as food, clothing, shoes, computers, etc. |
| Services | The actions or things others do for us, such as car wash, haircut, etc. |
| Per capita GDP | A calculation to determine the general economic situation for individual citizens in a country |
| Real GDP | The economic measurement that reflects the total value of a country's produced goods and services adjusted for inflation |
| Nominal GDP | The economic output without an adjustment for inflation |
| Purchasing power parity (PPP) | Compares the economic output of one country to another by equalizing their currency rates |
| The group of seven (G7) | The seven countries with the largest economies in the world |
| G20 | A globally expanded forum of leaders from countries that represent over 80% of global GDP |
| Supply | The amount of resources available for the production of the goods and services that are going to be sold is based upon... |
| Demand | Refers to how much of a product or service consumers want to buy |
| Equilibrium | When supply and demand are equal |
| Infrastructure | Basic facilities and systems to serve a community or country |
| Poverty | Lacking the financial resources to meet a minimum standard of living in a society |
| Competitive advantage | The advantage one business has over another, generally due to lower production costs or a better product |
