click below
click below
Normal Size Small Size show me how
Economics
Vocabulary
Specialization | A country produces high quality goods at a low cost |
international trade | trade between countries |
currency | money |
protective tariff | increases the price of foreign goods to protect the profit of local producers |
profit | money left over after expenses are paid |
human capital | skills and knowledge workers have |
Gross Domestic Product | total value of goods and services produced in a country in a year |
capital goods | factories and machines used to produce goods |
natural resources | gifts of nature not man made |
exchange | trade |
bartering | the exchange of goods or services without the use of money |