Scribd
Upload
68 views9 pages

Economics Vocabulary

The document defines key economic concepts including currency, scarcity, surplus, supply and demand, specialization, opportunity cost, gross domestic product, and entrepreneur. It provides examples for each concept to illustrate the terms. For instance, it explains that currency refers to the type of money a country uses, like the Euro in Europe and US dollar in America. Scarcity means there is not enough of something, like water in a desert, while surplus is when there is more than enough of an item.

Uploaded by

api-130087742
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
68 views9 pages

Economics Vocabulary

The document defines key economic concepts including currency, scarcity, surplus, supply and demand, specialization, opportunity cost, gross domestic product, and entrepreneur. It provides examples for each concept to illustrate the terms. For instance, it explains that currency refers to the type of money a country uses, like the Euro in Europe and US dollar in America. Scarcity means there is not enough of something, like water in a desert, while surplus is when there is more than enough of an item.

Uploaded by

api-130087742
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 9

S

Y
C
I R
M LA
O U
N B
O
A
C
E OC
V

CURRENCY
The type of money that a particular country uses
Example:
The European Union uses the Euro
In the United States, we use the American Dollar

SCARCITY
When there is not enough of something; when
there is a shortage of a particular item
Example:
There is a scarcity of water in the desert

SURPLUS
When there is more than enough of something;
when you have more than you need of an item
Example:
If you spend less than you makethat is a
surplus

SUPPLY & DEMAND


The theory that prices go up/down based on how
much of something there is and how badly people
want it
Example: if we have a blizzard, the prices of
shovels and coats will go up

SPECIALIZATION
When a country, business, or individual focuses on
one thing they are very good at (Improves
economy/income)
Example: country A focuses on producing cars,
while country B focuses on producing sugar cane;
they then trade with each other and maximize
their profit

OPPORTUNITY COST
The value of what you give up when you make a
decision to produce, buy, or do something
Example: If a company decides to produce a
computer, their opportunity cost is the value of
the phone they did not produce

GROSS DOMESTIC
PRODUCT
The total value of a countrys economy; the total of
goods and services a country produces in one year
Represents how strong or how poor a country is or if
their economy is improving
Countries with a higher GDP are wealthier and usually
have a higher literacy rate; Countries with a lower
GDP are poorer and usually have a lower literacy rate

ENTREPRENEUR
A person who takes a risk to come up with a new
idea/product or to start a new company
Entrepreneurs take a risk (moneyjobtime)
Example: Bill Gates or Steve Jobs

You might also like