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Economy of Europe

QuestionAnswer
Traditional type of economic system that may exist in rural areas of underdeveloped countries; produce what they need to survive; hunting/gathering/farming; BARTER to exchange; based on tradition, culture, what has been done in the past with little to no changes
Command type of economic system in which the government has complete control over what to produce, how to produce, and for whom to produce
Market type of economic system in which the people control what to produce, how to produce, and for whom to produce by supply and demand; capitalism; free enterprise
Mixed most common type of economic system in the world today; mix of market and command which includes some level of government control
Human Capital people who perform labor/work, government can control the investment in the education and training of the people which can determine literacy rate, standard of living, and GDP for the country
Capital Goods items that people need to perform their jobs; tools and raw materials used in the production of other goods; cannot be money because money is used to buy these goods
Natural Resources resources that come from nature/not made by people (timber/wood, minerals, water, air, oil, iron, coal, etc.)
Entrepreneurs people with new ideas that are willing to take risks to start a business, provide a service, or make a product (Shark Tank)
NAFTA free trade agreement between Canada, U.S., and Mexico to eliminate tariffs, restrictions, and customs barriers
Embargo an official ban on trade with a particular country (Previous examples: U.S. & South Africa; U.S. & Cuba)
Tariff a tax placed on imported goods coming into a country from a foreign country; raises price of imported good and encourages citizens to buy their own country's products
Quota a restriction or limit on the amount of goods imported into a country from a foreign country
Supply how much of a product a person/company/country has available and ready to sell; economic concept that describes the total amount of a specific good or service that is available to consumers
Demand economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service; the price of a good or service increases as its demand increases and vice versa
Gross Domestic Product (GDP) the value of all the goods and services produced in a country in one year
GDP per capita a measure of average income per person in a country; divides the GDP by the population
Standard of Living how well citizens of a country live based on public services, education, health care, and jobs; the degree of wealth and material comfort available to a person or community; symbiotic relationship between this and literacy rate often occurs
Literacy Rate the ability to read and write at a specified age; symbiotic relationship between this and standard of living often occurs in a country
Specialization the production of one or just a few goods and services by an individual, company, or country for the purpose of producing more than can be consumed so that the extra can be sold for profit
Opportunity Cost a benefit, profit, or value of something that must be given up to acquire or achieve something else; choice to buy one item over another (example: buying a Twix means giving up the chance to buy a Snickers)
Currency a system of money in use in a particular country; examples: dollar, euro, pound, ruble, etc.
Exchange Rate how much one currency is worth in terms of another; value determined by strength of country's economy
Euro the single European currency used by 17 member countries of the European Union which replaced their national currency
Created by: CHammond78