Mrs. GilbreathDec 2010

Commodity

Something useful or valued. An item to buy or sell.

Free Enterprise

It is a system in which households and businesses are free to make their own earning and spending decisions. With very little government action.

Have and the Want/Need

Supply Demand The quantity of a product

that is available at a given time

You plant 10 tomato plants in your garden spot for your family of five. It is a good growing season and each plant produces 10 tomatoes. You have a supply of 100 tomatoes to eat, sell, can, etc. The next year it is a poor season, each plant only produces 5 tomatoes. What might be some of the problems that could occur with fewer tomatoes?

The willingness to buy a product

Using our tomato example, how will the demand work? The tomatoes you raise are sold. What happens to your product during the poor seasons? Good seasons? What might be a result of you having a good season, and other producers having a bad season?

Subsidies

A grant or gift of money A grant by a government to a private

person or company to assist an enterprise deemed advantageous to the public

Monopolies Inflation

exclusive possession or control.

A commodity controlled by one party

A continuing rise in the general price level

Usually attributed to an increase in the volume of money and credit relative to available goods and services

A lot & A little

Surplus Deficit

The amount that remains when use or need is satisfied.

An excess of expenditure over revenue

A loss in business operations

An amount that is lacking or inadequate

Free Trade Tariffs

Trade based on the unrestricted international exchange of goods with tariffs used only as a source of revenue

a schedule of duties imposed by a government on imported or in some countries exported goods

In & OutImports Export

To bring from a foreign or external source

To bring (as merchandise) into a place or country from another country

To carry or send (as a commodity) to some other place (as another country)

Positive Trade Value

The amount exported is valued for MORE than the amount being imported.

In this case, the US is making money

Negative Trade Value

The amount exported is valued for less than the amount being imported

In this case, the US is loosing money

Unemployment

Not employed, no job Involuntary idleness of workers

Organic

Of, relating to, yielding, or involving the use of food produced with the use of feed or fertilizer of plant or animal origin without employment of chemically formulated fertilizers, growth stimulants, antibiotics, or pesticides