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Economies

QuestionAnswer
To swap goods With another person or traveler. Trade
The extange of one good for another. Bartering
Want we buy and use. Goods
North Korea Command Econ
What Economies need. What to produce? How to produce? From Whom to produce?
How many countries have market econ ? 0
The desire to purchase with power to do so. Demand
Economic system in which private owners control the government the prodution of goods and profit. Capitalism
Quantity of a product or service in market and available Supply
Ban on trading with another county due to political issues. Embargo
Tax added to imported goods. Tarff
Limit on the amount of a foreign good sent in a country. Quotas
The government can issue regulations. Mixed Econ
Finds the total amount of goods and services produce in that country in a year. GDP(Gross Domestic product)
People who will take risk to make a business. Entrepreneur
How well a person lives,based on goods and services,education,heath and jobs. Standard of living
Products that have value. Capital goods
Value that people bring to the marketplace. Human resources
Resources that come from nature. Natural Resources
The percentage of people who can read and write. Literacy Rate
Producing or providing a service in what you do best. Specialization
Value of what is given up when a choice is made. Opportunity Cost
What are 2 examples of capital goods ? Shovel and Oven
What are 2 examples of natural resources ? Wheat and seeds
What are 3 ways countries can invest in human capital ? Education health and training
Money Currency
Now much one currency is worth in terms of another. Exchange Rate
Created by: 2005
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