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Economics

QuestionAnswer
Natural Resources Supplied by nature (trees, soil, water, oil
Human Capital education, training, healthcare of workers
Capital Goods factories, technology, machines, building. Items people use to improve their standard of living.
Entrepreneur A person who takes a risk to start a business. Entrepreneurs provide jobs for people.
Resources things we use to improve our quality of life
Traditional Economy Based on customs and past beliefs (bartering)
Command Economy Government (usually Communist) makes all of the production decisions.
Market Economy Citizens have the most freedom in running their own business.
Mixed Economy A mix of command and market ( most democratic nations have mixed economies)
Tariff A tax on imports
Quota A limit on the number of goods imported by a country.
Embargo Prohibits all trade in a specific country/ a complete ban on trading.
Standard of living the overall quality of life of citizens based on education, housing, food and jobs.
Free enterprise Competition between businesses, only found in market and mixed economies.
Literacy rate The people in a country (over age 15) that can read and write. High literacy rate = High GDP
Currency exchange The price of one country's currency compared to another countr's currency. A Disadvantage: Banks charge fees for exchanges. Advantage: Makes trade easier
Scarcity Lack of resources- not having enough of what you need. Scarcity promotes trade. A condition that exists when you must trade in order to raise your standard of living.
Interdependence Working together/depending on each other to meet needs.
Geography/physical trade barrier Any physical feature that makes trading difficult: mountains, rugged land, etc...
Gross Domestic Product (GDP) The final amount of goods and services produced in a country in one year.
Pound Currency used in the United Kingdom
Ruble Russian currency
Euro Currency used in the European Union.
Created by: sburton
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