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Economics
Economic Vocabulary Terms
| Question | Answer |
|---|---|
| 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 USMCA? | United States, Mexico, Canada |
| 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. | United States-Mexico-Canada Agreement (USMCA) |
| 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 |
| USMCA | United States-Mexico-Canada Agreement (USMCA) |
| 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 |
| United States-Mexico-Canada Agreement (USMCA) | - An agreement which phrased out trade barriers among the United States, Mexico and Canada |
| 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
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