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Economic Terms

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Economic Terms Copy for your notes! Economy System by which products are produced, distributed, and consumed. Think: MONEY!!! imports products brought into one ... – PowerPoint PPT presentation

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Title: Economic Terms


1
Economic Terms
  • Copy for your notes!

2
Economy
  • System by which products are produced,
    distributed, and consumed.
  • Think MONEY!!!

3
imports
  • products brought into one country from another to
    sell.
  • Think Import INport

4
exports
  • products from one country sent out to another to
    sell. Think of EXPORT-EXIT
  • http//atlas.media.mit.edu/profile/country/usa/

5
tariffs
  • a fee or tax that a government charges for goods
    entering the country
  • A government will impose tariffs to keep people
    from buying goods that are imported.

6
Types of products
  • Domestic Products produced and sold in the same
    country.
  • International/Foreign
  • Products made in one country and sold in
    another.

7
Capital
  • Is money and goods used to help people make or do
    things.
  • You need capital to run a business.

8
Capital continued.
  • 1. Financial assets or the financial value of
    assets, such as cash.
  • 2. The factories, machinery and equipment owned
    by a business and used in production.           
    Capital can mean many things. Its specific
    definition depends on the context in which it is
    used. In general, it refers to financial
    resources available for use. Companies and
    societies with more capital are better off than
    those with less capital.

9
Entrepreneurship
  • Is the act of running a business and taking on
    the risks of that business.
  • Usually describes individual or small businesses.

10
barter system
  • goods and services are exchanged for other goods
    and services-no money is used
  • Basically, people are trading.

11
Developing vs. Developed Country
  • Developing Country a country whos economy is
    based on agriculture and is trying to become
    industrialized. Also known as an emerging market.
  • Developed Country a country whos economy is
    based on industry and manufacturing. These
    countries do not need assistance from others for
    survival.

12
Developed Developing Countries
13
supply and demand
  • supply- how much of something there is.
  • demand- how many people want an item.

14
supply and demand (cont.)
  • If supply is higher than demand, the price goes
    down.
  • If demand is higher than supply, the price goes
    up.

15
inflation
  • A prolonged rise in prices you get less for your
    money than you used to get.

16
Scarcity
  • Lack of a resource.
  • This can affect supply and demand.
  • HOW????

17
Opportunity Cost
  • The opportunity cost of something is what you
    give up to make it or buy it.

18
recession
  • a downturn in business activity and economic
    prosperity not as severe as a depression
  • 6 Months straight of negative growth in a
    countrys GDP.

19
depression
  • a severe recession with high unemployment
    (jobless rate) and low levels of trade and
    investment
  • 1 year (4 quarters) of negative growth in a
    countrys GDP.

20
Globalization
  • The process of countries being involved in
    international trade.
  • Globalization increases the ties among the
    worlds economies.

21
Memory Cues
  • Create a memory cue for each of the economic
    terms. Use a graphic, word, or phrase to help
    you remember what each term means. Be
    Creative!!!
  • Ex. Exports EXIT
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