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Unit 5 Vocabulary

European economics

QuestionAnswer
economics the production, consumption, and distribution of goods and services
traditional economic activities based on past traditions; subsistence living
command economy government controls production
market economy owners and customers decide what to make; based on supply and demand; entrepreneurship is possible.
mixed economy blend of market and command economies. The government makes some decisions and individuals make some decisions; entrepreneurship is possible
international trade exchange, purchase, or sale of goods between countries
barter trade goods or services
trade Both parties gain when people engage in voluntary, non-fraudulent exchange of goods or services
tariff tax placed on an import
quota limit on the amount of goods and services imported
embargo ban on trade
currency money
human capital workers of a business or country including their education, training, skills, health
capital resources land, buildings, tools, and money use to produce goods
GDP gross domestic product = the total number of goods and services produced within a year.
natural resources things found in nature “gifts of nature”
scarcity shortage of goods and services
goods materials/items/products to be sold
service a job people do for others
supply amount available for people to purchase
demand how much people want and are willing to buy
entrepreneur A person who risks capital in order to open a business
consumer a person who USES goods or services
producer a person who CREATES a good or service
Euro European Union's currency
Law of Supply and Demand determines price based on amount of goods available, how many consumers want the goods, and what they are willing to pay
Created by: ssha13
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