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Question | Answer |
---|---|
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. |