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Europe's Economy

6th Grade Europe Bailey

TermDefinition
Traditional Economy Produce what people need to live (hunting, farming, or gathering)
Command Economy Government control of the economy
Market Economy People control based on supply and demand
Mixed Economy Mixture of pure command and pure market
Embargo Forbids trade with another country
Tarriffs Taxes placed on imported goods
Quotas Restrictions or limits on amount of goods imported
Human Capital People (humans) who perform labor
Capital Goods Items that people need to perform their jobs
Natural Resources Resources that come from nature
Entreprenuers People with new ideas that are willing to take risks to start a buissness or make a product
Supply How much a person has
Demand What or how much a person wants (demands)
GDP (Gross Domestic Product) The value of all the goods and services produced by a country in one year
Standard of Living How well citizens live based on good public services, education, healthcare, and good jobs
Literacy Rate The ability to read and write, affects standard of living
Specialization Specialize in what they do best
Opportunity Cost Value of what is given up when a choice is made
Currency Money (examples: Canadian dollar, Brazilian real, EU Euros, Mexican pesos
Exchange Rate How much currency is worth in terms of another
Created by: efanning84