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Unit 5 Vocabulary

Unit 5 vocabulary

TermDefinition
Human Capital the set of skills which an employee acquires on the job, through training and experience, which increases the employee’s market value out in the work force
Entrepreneur a person who organizes and operates a business
Currency Exchange the price of one country's currency compared to another country's currency
Capital Goods Machines and tools used in the production of other goods
Mixed Economy an economic system combining private and public enterprise; combining both market and command economies
Market economy Individuals own resources and decide what and how to produce (prices and wages are determined by supply and demand)
Traditional economy Customs and traditions decide every economic decision. Resources are shared and bartering is used
Command economy Government owns resources and controls production, prices and wages
Tarrif A list of taxes placed by a government on imported goods
Quota Number limit of how many of a particular product can be imported from another country
Embargo Order that restricts or prohibits trade with another country
Trade barriers A government’s attempt to manage trade to benefit their economy
GDP An economic measure used to determine a country’s economic output during a fiscal year
Natural resource Product of the earth that people use to meet their needs
Economics the study of making, buying, and selling of goods and services.
Free Enterprise competition between business only found in market and mixed economies
Literacy Rate The percentage of people over the age of 15 that can read and write
Capital wealth in the form of money or property, used or accumulated in a business, by a person, partnership or corporation
NAFTA an agreement for free trade between Canada, mexico, and the US
Investment investing in money or property in order to gain profit
Voluntary Trade a market where buyers and sellers have the right to sell and buy their own preference of goods
Created by: jodi1405
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