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Flashcards - Introduction to Economics

Flashcards - Introduction to Economics
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investment
To invest is to allocate money in the expectation of some benefit in the future
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gross domestic product
Gross domestic product is a monetary measure of the market value of all final goods and services produced in a period
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Exports
The term export means shipping in the goods and services out of the jurisdiction of a country
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outsourcing
In business, outsourcing involves the contracting out of a business process and operational, and/or non-core functions to another party
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balance of trade
The commercial balance or net exports , is the difference between the monetary value of a nation's exports and imports over a certain period
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balance of trade
The commercial balance or net exports , is the difference between the monetary value of a nation's exports and imports over a certain period
outsourcing
In business, outsourcing involves the contracting out of a business process and operational, and/or non-core functions to another party
Exports
The term export means shipping in the goods and services out of the jurisdiction of a country
gross domestic product
Gross domestic product is a monetary measure of the market value of all final goods and services produced in a period
investment
To invest is to allocate money in the expectation of some benefit in the future
market system
A market system is any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals
medieval feudal system
Feudalism was a combination of legal and military customs in medieval Europe that flourished between the 9th and 15th centuries
Quantity supplied
In economics, supply is the amount of something that firms, consumers, laborers, providers of financial assets, or other economic agents are willing to provide to the marketplace
land
Land, sometimes referred to as dry land, is the solid surface of the Earth that is not permanently covered by water
Needs
A need is something that is necessary for an organism to live a healthy life
economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location

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