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Economics Vocab

Economics Vocabulary

TermDefinition
GDP Gross Domestic Product; the total value of goods and services produced in a country in a year
4 Factors of Economics Growth Entrepreneurship, human capital, capital goods, natural resources
Entrepreneurship A person willing to risk their time and money in a new product or improved product
Human Capital The value of a person's skills and education
Capital Goods Goods used to make other goods
Natural Resources Gifts from the Earth
Specialization When countries focus on producing what they can produce easily and trade for what they need
Interdependence When countries rely on each other for goods and services; usually a result of specialization
Market Economy Supply and demand determine what is produced, how much is produced, and for whom it is produced
Command Economy The government determines what is produced, how much is produced, and for whom it is produced.
Traditional Economy Traditions and customs determine what is produced, how much is produced, and for whom it is produced.
Mixed Economy A combination of government and supply and demand control economic decisions
Scarcity When there is not enough of a good
Surplus When there is more than needed of a good
Export Goods that are sent out of the country to another
Import Goods that are brought into a country from another
Quota A limit on imports
Tariff A tax on imports
Embargo A refusal to trade with a country
The higher the literacy rate.... the higher the standard of living
Created by: MsBentley