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Unit 5

Economic of Europe

TermDefinition
Gross Domestic Product most widely used measure of economic output.
Natural Resources raw materials used to produce finish products.
Human Capital the set of skill in which an employee acquires on the job through training and experience, which increases the employees market value out in the work force.
Entrepreneur a person who organizes and operates a business.
Currency money circulated in the country used to purchase items.
Embargo an order that restricts or prohibits trade with another country.
Quota number limit on how many items of a particular product that can be imported from a particular country.
Tariff tax added to the value of goods that were imported.
Demand how much a good is wanted by consumers.
Supply the number of goods you have.
Mixed Economy an economic system combining private and public enterprise; combining market and command economics.
Market Economy an economy that relies mainly on market force to allocate goods and resources such as supply and demand to determine prices.
Command Economy an economy in which production, investment, prices and incomes are determined centrally by government.
Transitional Economy economic decisions are based on consumers and beliefs passed down from one generation to the next generation.
Capital Goods machines and tools used in the production of other goods.
Economic System the system of production, distribution, and consumption.
Trade Barriers any regulation or policy that restricts international trade, especially tariffs and quotas.
Economics the study of making , buying, and selling of goods and services.
import goods that are brought into a country from another country
export goods that are sold to other countries
trade when goods are exchanged between countries
barter trading goods for other goods without money
specialization when an individual or company specializes in doing one part of a task and relies on other to complete the other parts
interdependence when people depend on one another ; usually the result of specialization
producer people who make or grow a good or perform a service
consumer people who buy services and goods
Entrepreneurship a person who is willing to invest money in a new production or good
Goods something that you can feel or any kind of merchandise
Service any kind of work performed for others
Euro the currency used by most European countries
Free Trade Zone an area in which there are no economic trade barriers, like tariffs (ex. European Union)
Created by: gjenkins2