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economics
latin america economics
| Term | Definition |
|---|---|
| market | anywhere buyer or sellers exchange goods and services |
| mixed economy | part command economy and part market economy |
| command economy | the economic system in which the government controls what and how much is produced and who gets the goods and services |
| capital resources | special goods such as tools, machines,buildings,vehicles needed to produce other goods and services |
| consumer | a person who buys and used goods and services |
| demand | amount of goods and services people are willing to buy |
| economic system | describe how countries make decision about how to use scarce productive resources |
| economic system asks 3 question | What to produce? How to produce? For whom to produce? |
| economics | the study of how people choose to use scarce resources (nature,human,and capital) to produce and distribute goods and services |
| entrepreneur | the people who organize the productive resources in order to start or expand a business |
| export | goods or services produced in one country and then sold to people of another country |
| GDP (gross domestic product) | the market value of final goods and services that a country produces in a year |
| goods | items purchased to satisfy needs and wants ex:foods,clothes,toys,cars |
| Human Capital | The education,skills,knowledge, and experience of a human resource |
| human resources (labor) | the people who produce goods or provide services |
| imports | goods and services purchased from another country |
| income | the money earned from using a productive resource |
| market economy | an economic system in which the goods and services that are produced depend on the supply and demand of the goods and services |
| natural resources (land) | the " gifts of nature" used to produce goods and services. They are present without human intervention |
| opportunity cost | the cost of a choice is the value of the best alternative that you've up. it is the most valuable alternative that you don't choose when you make a decision |
| producer | a person, company, or country that makes, grows,or supplies goods or commodities for sale |
| productive resources | a nature,human and capital resources used to make goods and services - |
| productivity | how much output is produced relative to inputs used |
| quota | a limit on the number of a good or service that may imported |
| scarcity | because resources are limited,you want so you have to make choices |
| self-sufficient | a person or nation is not depended on other to provide the goods and services they want |
| services | actions or activities that one person preforms for another |
| supply | quantity of goods or services offered for sale at a specific time or price |
| specialization | people or nations produce a few special goods and services and trade those goods and services for other things they want |
| export | goods or services produced in one country and then sold to people of another country |
| goods | items purchased to satisfy need and wants |
| tariff | a tax placed on imported goods |
| traditional economy | an economic system in which they produce what they need to survive by hunting, gathering, and farming |
| trade | the voluntary exchange of goods and services among people and countries |
| trade barriers | limits such as tariffs and quotas that countries impose on trade |
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