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Unit 5
Economic of Europe
| Term | Definition |
|---|---|
| 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) |
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gjenkins2
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