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need s.s. flash cards 4 homework

Economy Way nation makes economic choices about resources and how they will be produced/distributed/used
Market Resources based on individual and make their decisions
Command Economy All resources based collectively owned and directed by government
Traditional Economy Goods & services produced for personal consumption
Mixed Economy Economy that is a combo of command, market, and traditional
Entreprenuer Person who risks money to produce a good
Invesment the investing of money in order to gain profit
Barter the exchange of goods and services to others
Quota Restrictions on the amount of goods that could be bought
Tariff a tax placed on imported goods
Embargo to forbid trade with a country
Currency Paper or coins that a country uses for its money supply
Scarcity A condition of limited resources and unlimited wants by the people
Human Captial People who perform labor
Capital Refers to wealth, in particular wealth that can be used to finance the production of goods and services
Specialization Concentration on a narrow range of products and/or services
GPD Total market value of all goods and services produced in a country in a given year
Capitalism Individuals privately own most resources
Socialism State owns all the resources
Communism Whole community owns all resources
OPEC Organization of petroleum exporting countries. Established in 1960 to control the supply and income of oil producing countries.
Diversified Economy based on a variety of things like manufacturing/agriculture/trade.
Created by: girls1484