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6th -Unit 1.5 Europe

Unit 1.5 SS6E7, SS6E8, SS6E9 Economics

market economy a country's economic decisions are based on what its people want to buy and sell
command economy the government controls what is produced, how it is produced, and who gets the products
traditional economy people produce what they need to survive by farming, hunting, gathering, or fishing; economic decisions are based on customs or traditions
mixed economy an economy that has characteristics of both market and command economic systems
economic continuum a 0-100 scale which ranks world economies from mostly command (0) to mostly market (100)
bartering a system of exchange where one good or service is given in return for another; used in a traditional economy.
foreign exchange the changing of currency (money) from one country's form into another's to pay for goods
Gross Domestic Product (GDP) the total value of all the goods and services produced in a country in one year
GDP per capita the average annual income of a nation's citizen
literacy rate the percentage of a country's people who can read and write
standard of living the measure of a nation's quality of life based on income, education, life expectancy, and other factors
human capital workers of a business or country including their education, training, skills, and health
capital goods factories, machines, technologies, buildings and property needed for a business to operate
entrepreneurship the act of risking money, time, ideas, and energy to start and run a business
European Union (EU) an organization of more than 25 European countries originally founded to encourage trade within Europe
natural trade barriers something found in nature that restricts trade; examples include mountain ranges, deserts, rainforest, or lack of access to bodies of water.
political trade barriers policies passed by a government to regulate (control with rules) trade.
tariffs a trade barrier that is a tax placed on goods when they are brought into one country from another country.
quotas a trade barrier that is a way of limiting the amount of foreign goods that can come into the country.
embargoes a trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy.
Created by: manleyshms



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