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Economics

Economic Vocabulary Terms

QuestionAnswer
Market Economy An economic system that gives great freedom to individuals and groups is free enterprise system. These decisions are influenced by “supply and demand.”
Command Economy An economic system is controlled by a single, central government. Nearly all economic decisions are made by government
Traditional Economy An economic system that nearly all goods and services produced by people are consumed in their own family or village. This economy uses bartering.
What countries are the members of NAFTA? Mexico, Canada, United States
This created a free trade zone in Europe for its members countries. European Union
This agreement creates a free trade zone for the countries of North America. NAFTA - North American Free Trade Agreement
Any regulation or policy that restricts international trade. Trade Barriers
A fixed quantity. A maximum number of goods that can be imported into a country Quotas
A tax imposed by a government on imported goods. Tariffs
The total value of the goods and services produced in a country during a given time period. Gross Domestic Product
GDP Gross Domestic Product
is the quality of labor resources which can be improved through investments, education, and training Human Capital
Individual who starts and builds a business. Entrepreneur
NAFTA North American Free Trade Agreement
This was created by the European Union to break the cultural trade barrier of currency. The euro
durable good (one that does not quickly wear out) that is used in the production of goods or services capital goods
Materials in the natural environment that people value and use to satisfy their needs. Natural Resources
North American Free Trade Agreement NAFTA - An agreement which phrased out trade barriers among the United States, Canada, and Mexico.
A natural resource that the environment continues to supply or replace as it is used. Renewable Resources
Cannot be replaced once they have been used. (fossil fuels) Nonrenewable Resources
machines and tools used in the production of other goods (consumer goods) Capital Goods
When a country focuses on producing the items they can make easily and trade for the things they need Specialization
A material that occurs in nature; raw materials (Examples: lumber, fossil fuels, etc.) Natural Resources
Entrepreneurship A person that takes a risk to open a new business or service
Import Goods that are brought into a country from another
The value of a person’s skills and education Human Capital
the total value of the good produced within a country in a year GDP - Gross Domestic Product
Export Goods that are produced in a country and shipped to other countries
Any type of physical feature, like deserts or mountains, that make trade more difficult Physical Trade Barrier
Currency and language Cultural Trade Barrier
A type of trade barrier where a country places a tax on imported goods tariff
A type of trade barrier where the amount of imported goods from a country is limited quota
A type of trade barrier where a country refuses to trade with another country embargo
Anything that makes trade more difficult; can be physical or economic trade barriers
embargo, tarrif, quota economic trade barriers
Supply and demand determine which products are produced, how they are produced, and for whom they are produced market economy
Government planners decide which goods to produce, how to produce them, and for whom to produce command economy
Traditions determine which goods are made, how they are made, and for whom they are made traditional economy
An economy that has aspects of market, traditional, and command economies present mixed economy
A material that occurs in nature; raw materials (Examples: lumber, fossil fuels, etc.) natural resources
The money in circulation in any country. currency
stock of competencies, knowledge, habits, social and personality attributes, including creativity, cognitive abilities, embodied in the ability to perform labor so as to produce economic value. human capital
GDP per Capita The GDP per Person
How is GDP per Capita figured? The GDP for a country divided by the population of that country
Created by: angela.higgs