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Unit 5/10
Economics
| Question | Answer |
|---|---|
| Market Economy | Supply and demand determine which products are produced, how are they produced, and for whom they are produced |
| Command Economy | Government planners decided which goods to produce, how to produce them, and for whom to produce |
| Traditional Economy | Traditions and cultural beliefs determine which goods are made, how they are made, and for whom they are made |
| Mixed Economy | An economy that has aspects of market, traditional, and command economies present |
| Specialization | When a country focuses on producing the items they can make easily and trade for the things they need |
| Trade Barriers | Anything that makes trade more difficult; can be physical or economic |
| Physical Trade Barriers | Any type of physical feature, like deserts or mountains, that make trade more difficult |
| Tariff | A type of trade barrier where a country places a tax on imported goods |
| Quota | A type of trade barrier where the amount of imported goods from a country is limited |
| Embargo | A type of trade barrier where a country refuses to trade with another country; this is politically driven and only the President can make this decision |
| Human Capital | The value of a person's skills and education |
| Capital Goods | Goods that are used to make other goods (Examples: machinery, factories, tools) |
| GDP | Gross Domestic Product (GDP) is the total value of the goods and services produced within a country in a year |
| Natural Resources | A material that occurs in nature, raw materials (Examples: lumber, fossil fuels, minerals) |
| Entrepreneurship | A person that takes a risk with his/her personal money to open a new business or provide a service |
| Export | Goods that are produced in a country and shipped to other countries |
| Import | Goods that brought into a country from another country |
| Economics | the study of making, buying, and selling of goods and services |
| currency | money circulated in a country used to purchase goods and services |
| supply | the amount of good you have in stock |
| demand | how much a good or service is wanted by consumers |
Created by:
KimberleyAWELCH
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