20 ECONOMIC TERMS TOC #7

ECONOMIC TERMS - 1 ECONOMICS – THE STUDY OF UNLIMITED RESOURCES USED FOR UNLIMITED WANTS.

ECONOMIC TERMS - 2 HUMAN RESOURCES – PEOPLE MAKING PRODUCTS IN ORDER TO MAKE MONEY.

ECONOMIC TERMS – 3, 4 CAPITAL RESOURCES – HARDWARE USED TO MAKE GOODS (MACHINES) NATURAL RESOURCES – RAW MATERIALS GOODS ARE MADE OF (TREES)

ECONOMIC TERMS – 5, 6 ENTREPRENEURSHIP – PEOPLE IN POSITION TO CREATE AND RUN A BUSINESS INVEST – BUYING SOMETHING TO BENEFIT FINANCIALLY LATER

ECONOMIC TERMS – 7, 8 GROSS DOMESTIC PRODUCT (GDP) – TOTAL $$ FOR ALL GOODS AND SERVICES IN A YEAR GDP PER CAPITA – TOTAL $$ AVAILABLE PER PERSON (DIVIDE GDP BY POPULATION)

ECONOMIC TERMS – 9, 10 SCARCITY – HAPPENS IF HUMAN WANTS EXCEED GOODS AVAILABLE (JORDANS) SPECIALIZATION – WHEN PRODUCERS PRODUCE SPECIFIC GOODS TO EARN MONEY

ECONOMIC TERMS – 11, 12 IMPORT – GOODS BROUGHT INTO A COUNTRY EXPORT – GOODS SENT TO ANOTHER COUNTRY

ECONOMIC TERMS – 13, 14 VOLUNTARY TRADE – EXCHANGE OF GOODS BETWEEN TWO OR MORE PEOPLE INTERNATIONAL TRADE – EXCHANGE OF GOODS BETWEEN TWO OR MORE COUNTRIES

ECONOMIC TERMS – 15, 16 CURRENCY – MONEY (DOLLAR, EURO, PESO, MARK, FRANC, POUND) EXCHANGE RATE – THE COST TO CHANGE CURRENCY TO DIFFERENT CURRENCY

ECONOMIC TERMS – 17, 18 TRADE BARRIER – LAWS OR PRACTICES FOR LIMITING TRADE BETWEEN PEOPLE OR COUNTRIES. TARIFF – PRICE ADDED ON TO A GOOD THAT A CONSUMER BUYS

ECONOMIC TERMS – 19, 20 QUOTA – LIMIT ON IMPORTED GOODS TO A COUNTRY EMBARGO – COUNTRIES WHO REFUSE TO IMPORT/EXPORT GOODS WITH OTHER COUNTRIES

BIGGEST EMBARGO EVER OPEC REFUSED TO SELL OIL TO THE UNITED STATES IN 1979 BECAUSE THE UNITED STATES SUPPORTED ISRAEL IN A WAR AGAINST FRIENDS OF OPEC

ECONOMIC TERMS CONTINUED ONLY 4 MORE TERMS AND THEN AN ECONOMIC TERMS REVIEW ASSIGNMENT

ECONOMIC TERMS – 21, 22 GOODS – TANGIBLE (TOUCHABLE) OBJECTS THAT SATISFY THE ECONOMIC WANTS OF PEOPLE (HOUSE, COMPUTER) SERVICES – ACTIVITIES PERFORMED BY PEOPLE TO SATISFY THE ECONOMIC WANTS OF PEOPLE (CARPET CLEANING, CLEANERS)

ECONOMIC TERMS 23, 24 PRODUCER – SOMEONE WHO USES RESOURCES TO MAKE A GOOD OR PROVIDE A SERVICE CONSUMER – SOMEONE WHO BUYS A GOOD OR USES A SERVICE

$$ 5 PANTHER BUCKS $$ TO THE FIRST PERSON WHO CAN TELL ME WHAT OPEC STANDS FOR. MUST HAVE ALL WORK FOR TODAY.