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economic systems
| Term | Definition |
|---|---|
| traditional_economy | economic system in which which people's economic roles are the same as those of their parents and grandparents |
| command_economy | government makes all economic decision such as how goods/services will be produced and who will recieve the goods/services. |
| market_economy | economic decisions are made by buyers and sellers in the marketplace. |
| mixed_economy | combination of market and command. All economies are mixed, leaning toward either command or traditional. |
| tariff | tax placed on goods when they are imported (brought into one country from another country) |
| quota | sets a specific amount or number of a particular product that can be imported or acquired during a given period of time |
| embargo | when one country announces it will no longer trade with another country |
| OPEC | organization that places a quota on how much oil its member nations can produce |
| South_Africa | United Nations placed an embargo on selling weapons to this country until it abolished(ended) apartheid (legal separation of races of people) |
| trade | A system of exchanging currencies is necessary in order for countries to do this with each other |
| GDP | total value of goods and services a country produces divided by the total population |
| human_capital | the knowledge and skills that make it possible for workers to earn a living |
| specialize | When countries are best at producing or making available a particular item such as high quality cotton produced in Uganda or natural resources in Australia |
| capital_goods | the factories, machines and technology people use to make products. Nigeria, for example, has invested in capital goods needed to produce oil. |
| conflict_diamonds | diamonds that are mined and sold in order to pay for arms and ammunition needed to keep the fighting between rebel groups in African countries |
| credit | ability to borrow money |
| literacy_rate | the ability to read and write; this factor is generally an indicator that a country will have a higher per capita GDP |
| subsistence_agriculture | growing small amounts of crops to take care of local needs rather than for exporting |
| hydroelectric_power | electricity created from running water; often involves the building of dams |
| exchange_rate | a system that allows countries with different currencies to trade with each other |
| natural_resource | something found in the environment that people need and can use |
| Japan | this country in Southeast Asia has a trade surplus because it exports more than it imports |
Created by:
glennjonesms
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