GRAPES — ECONOMICS (Dec 2015) – Flashcards
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economy
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system of production, distribution and consumption of goods and services (Ex: traditional, market, command, mixed)
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producer
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owners and workers who make products or provide services (Ex: automobile manufacturers, farmers, doctors)
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consumer
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people who purchase and use goods and services (Ex: the public, businesses)
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goods
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things like cars, food, clothing (Ex: cars, food, clothing)
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services
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provided by people like doctors, lawyers, manicurists, restaurants (Ex: doctors, lawyers, manicurists, restaurants, baby sitting, snow shoveling)
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basic businesses
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businesses that provide people with basic needs (Ex: farms, hospitals, water, electricity)
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non-basic businesses
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businesses that provide people with luxuries, or non-essential things (Ex: sports equipment, televisions, bicycles, cars)
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luxuries
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things you don't need, but are nice to have
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GDP
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Gross Domestic Product (Ex: GDP per person- GDP divided by the population = per capita GDP; used to compare the standard of living among countries)
