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economics

latin america economics

TermDefinition
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
Created by: 1513735263
 

 



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