economy vocabulary€¦ · economy • the production and consumption of goods and services • how...
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ECONOMY VOCABULARY
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Economy
• The production and consumption of goods
and services
• How people meet their wants and needs
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• Supply Demand
How much of a
product/service is
available
How much of a
product/service is
wanted
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• Supply Demand
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Competition
• The struggle for consumers’ money– When more people want consumers’ money, it’s
going to be harder to get
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International Trade
Global Trade
• Trade between different countries
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Currency
• Something people exchange for goods or
services
• Ex: The money in circulation in any
country
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Trade Barrier
• Barrier = wall
• Something that prevents trade
• Examples:
– Tariff
– Quota
– Embargo
– Geography (geography that prevents
easy trade, like mountains, oceans, etc.)
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Embargo
• A government law stopping trade between
two countries.
• A government restriction on trade with a
foreign nation.
• Stops trade
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Quota
• A limit on the amount of products
allowed from other countries.
• Examples:– A restriction on the quantity (number) of a good
that can be imported during a specific time
period would be called an “import quota”.
– If the United States government only allows 50
tons of corn to be imported into the US each
year, this would also be called an “import
quota”.
– If your teacher has given you 20 minutes to
work on an assignment, your “time quota” is 20
minutes.
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Tariff
• A tax that the government puts on
imported or exported goods.
• Makes trade more expensive