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Economics

TermDefinition
Gross Domestic Product (GDP) the total market value of all goods and services that are produced within a country, during a given period (usually one year)
natural resources The non man-made materials used to make a product or provide a service. (minerals, forests, water, fertile land)
human capital The skills,knowledge, time and energy of the people involved in making a product or providing a service.
Capital goods Man made items like tools and factories used to produce a good or service.
entrepreneur a person who organizes and operates a business or businesses
Wants The desire or need for a product or service
goods something you buy and consume
service something that someone does for you
Scarcity The absence of something that results from the conflict between unlimited wants and limited resources.
Traditional Everyone works for the good of everyone else. Made up of units. "Primitive" by some standards.
Command You have little say in economic decisions. You will do as you are told and you will like it or else! The government or central authority controls the F.O.P
Market People have a major say in economic decisions. Most are motivated by the opportunity to make money.
Mixed An economy that is a mixture of the three basic systems.
exports goods sold to other countries
imports goods purchased from other countries
trade barrier anything that serves as an obstacle to trade
tariff a tax on imported goods
quota a limit on the amount of imported goods allowed into a country
embargo government bans or blocks trade with another country
Created by: Germaine11
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