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Economy Review

Review of economic terms

TermDefinition
Specialization Those products a country makes best and that are in demand on the world market
Trade Barrier Anything that slows down or prevents one country from trading with another
Embargo When one country decides it will no longer trade with another country
Quota Limits the amount of foreign goods that can come into a country
Tariff A tax placed on goods that are brought in to a country from another country
Factors of Production The things that determine what goods can be produced in a country
Human Capital Knowledge and skills that make it possible for workers to produce goods and services
Capital Goods Factories, machines, and technology needed to make products to sell
Entrepreneurs People who are willing to take risks to create new businesses and products
Natural Resources Something that is in or supplied by our natural environment and can be used by people
Command Economy Economic system in which the government makes all the economic decisions
Market Economy Economic system in which buyers and sellers make all the economic decisions
Traditional Economy Economic system in which the customs and traditions of a people shape the economic decision-making
Mixed Economy An economic system that has characteristics of both market and command economic systems
Import Products a country buys from other countries
Export Products a country sells to other countries
Interdependence When countries depend on each other for resources, goods, and services
Created by: clemon
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