Economy of Europe
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| 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
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| Command | type of economic system in which the government has complete control over what to produce, how to produce, and for whom to produce
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| 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
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| Mixed | most common type of economic system in the world today; mix of market and command which includes some level of government control
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| 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
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| 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
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| Natural Resources | resources that come from nature/not made by people (timber/wood, minerals, water, air, oil, iron, coal, etc.)
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| Entrepreneurs | people with new ideas that are willing to take risks to start a business, provide a service, or make a product (Shark Tank)
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| NAFTA | free trade agreement between Canada, U.S., and Mexico to eliminate tariffs, restrictions, and customs barriers
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| Embargo | an official ban on trade with a particular country (Previous examples: U.S. & South Africa; U.S. & Cuba)
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| 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
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| Quota | a restriction or limit on the amount of goods imported into a country from a foreign country
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| 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
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| 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
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| Gross Domestic Product (GDP) | the value of all the goods and services produced in a country in one year
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| GDP per capita | a measure of average income per person in a country; divides the GDP by the population
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| 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
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| 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
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| 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
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| 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)
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| Currency | a system of money in use in a particular country; examples: dollar, euro, pound, ruble, etc.
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| Exchange Rate | how much one currency is worth in terms of another; value determined by strength of country's economy
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| Euro | the single European currency used by 17 member countries of the European Union which replaced their national currency
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