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Euro. Economics Voc.
Vocabulary Words for European Economics
| Term | Definition |
|---|---|
| Bartering | a system of exchange where one good or service is given in return for another good or service; does not require money |
| Command Economy | an economic model where the government makes all business and financial decisions |
| Market Economy | an economic model where supply and demand/ people answers all economic questions |
| Traditional Economy | an economic model where the economic questions are answered by custom, habit, and history |
| Mixed Economy | term used to describe all modern world economies and the mix of market and command economies |
| Gross Domestic Product (GDP) | the estimated total value of all the final goods and services produced in a nation in a year’s time |
| Specialization | focusing on a narrow range of products or services that can be produced most efficiently and cost-effectively |
| Trade Barrier | any activity which slows or stops the free exchange of goods and services between nations |
| Embargo | a trade barrier that stops all trade with another nation |
| Quota | a trade barrier that places a limit on imported goods from another nation |
| Tariff | a trade barrier that places a tax on imported goods from another nation |
| Currency | a nation's money |
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