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Economics

Economic Terms for Europe Unit

TermDefinition
Traditional A type of system that is based on customs and beliefs. No currency is used. Indigenous groups like the Inuit would have this type of system. They do not use money.
Market A system where private businesses make the economic decisions. It based on supply and demand.
Command A system where the government makes economic decisions. Communist countries have this type of system.
Mixed Both government and private businesses make economic decisions. All democratic countries have this type of system.
Entrepreneur Someone who takes a risk by starting a new business
Import Goods going into a country.
Export Goods going out of a country
Physical Trade Barrier Physical features like mountains or deserts that make trade more difficult.
Economic Trade Barriers Political barriers like quotas, tariffs, blockades, or embargo
Embargo When one country refuses to trade with another country.
Blockade When a country uses its military to surround a country and does not allow goods in or out.
Quota a limit on the amount of goods traded
Tariff a tax placed on imported goods
scarcity Not having enough resources
currency exchange Having to change money in order to trade with a country that does not use the same money as you do.
GDP The total number of goods and services produced in a country
Producer someone that makes a product
Consumer Someone that buys a product
Standard of Living The overall well-being of a nation (Healthy and Wealthy). If literacy rate is high, this is also high.
Literacy Rate The percentage of people that can read or write. The higher it is the higher the standard of living is.
Capital Goods Tools, machines, technology, factories and building used to make a product. Investment in capital goods increase the GDP.
Human Capital People and their skills. Investing in people by educating them also increases the GDP.
European Union A confederation of nations that work together to solve common economic problems. Most members use the Euro as its currency which makes trade easier. They also have free trade which means members do not pay tariffs.
Created by: mary.gilmour
 

 



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