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UNIT 5 Vocabulary

UNIT 5 Vocabulary. ECONOMICS. Economics. Study of how goods and services are produced and sold. Standard of Living. Measured by standards of income per person and poverty rate Defines the ways of life people are used to living according to their personal income. Capitalism.

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UNIT 5 Vocabulary

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  1. UNIT 5 Vocabulary ECONOMICS

  2. Economics • Study of how goods and services are produced and sold

  3. Standard of Living • Measured by standards of income per person and poverty rate • Defines the ways of life people are used to living according to their personal income

  4. Capitalism • Economic system where means of production and distribution are privately owned and operated for a private profit • Based on private ownership and on investment of money

  5. Free Enterprise • Market without intervention and regulation by the government except to enforce property rights • AKA Free Market

  6. Competition • Individuals and firms striving for a greater share of a market to sell or buy goods and services • Causes commercial firms to develop new products, services and technologies • GTypically causes lower prices for products • ive consumers greater selection and better products

  7. Global Trade • Exchange of capital, goods, and services across international borders or territories • Represents a significant share of gross domestic product (GDP) • Without nations would be limited to the goods and services produced within their borders

  8. Communism • Economic system in which all means of production are owned by the people • Includes: land, mines, factories, railroads, business • Private property does not exist • All goods and services are shared equally

  9. Socialism • Economic system in which factors of production are owned by the public and operate for the welfare of all

  10. Mixed Economy • Economy that includes a variety of private and government control • Mix of capitalism and socialism

  11. Developed Country • Countries with high level of development • High level of : • GDP (gross domestic product) • Income per capita • Industrialization • Human Development Index (life expectancy/education)

  12. Developing Country • Countries with low level of material well being • Not third world countries • Levels of development vary widely among countries • Some have high average standards f living • If almost developed characterized as newly industrialized countries

  13. Natural Resources • Things found in nature and used in production

  14. Scarce • Limited supply

  15. Mercantilism • Idea that a country could become strong if it stored up a great deal of wealth • Government make all economic decisions

  16. Feudalism • Economic system based on production during the Middle ages • Feudal lord was in charge of the people and means of production

  17. Consumers • Buy goods and services that are produced in the economy

  18. Income • Amount of money earned through labor

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