Section 6 and 7 social studies test Flashcards
(29 cards)
The exchange of goods and services.
Trade
What a country is good at producing, or its ability to produce a product more efficiently than other products.
Comparative advantage
The buying and selling that takes place within a country.
Domestic
Coming from outside a country.
Foreign
a government policy or restriction that limits international trade.
Trade Barrier
a tax on imports and exports.
Tarrif
removal of trade barriers.
Free trade
The economic growth or an increase in living standards.
Development
A country with a strong economy and a high standard of living.
Developed country
Less productive economies and lower standards of living.
Developing countries
The total value of all goods and services produced in a country in a year.
GDP
The amount of goods and services produced given the amount of resources used.
Productivity
Physical products such as food, shirts, and cell phones.
Goods
Helpful or valuable objects.
Services
The desire for a certain good or service.
Demand
The ability and willingness to produce a good or service.
Supply
people or businesses that make and sell good or services
Producers
are people or businesses that buy, or consume, goods or services.
Consumers
A lack of items or a short supply
Scarcity
the money a company has left after subtracting its cost from the money it made from sales
Profit
concentration on a limited number of goods or activities.
Specilization
general increase in price
Inflation
general decline (fall) in price
Deflation
struggle among producers for consumers money
Competition
