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6th -Unit 2.3 L Amer

Unit 2.3 SS6E1, SS6E2, SS6E3 - Economics

TermDefinition
market economy a country's economic decisions are based on what its people want to buy and sell
command economy the government controls what is produced, how it is produced, and who gets the products
traditional economy people produce what they need to survive by farming or hunting and gathering
tariff a tax on imported goods
quota a limit on the amount of a good that can be imported into a country
embargo a government order that stops trade with another country
human capital workers of a business or country including their education, training, skills, and health
capital goods factories, machines, technologies, buildings, and property needed for a business to operate
entrepreneurship the act of a person risking money, time, ideas, and energy to start and run a business
Gross Domestic Product (GDP) the total value of all the goods and services produced in a country in one year
specialization when a country makes one or just a few goods or services, the cost of the items produced is lower
NAFTA (North American Free Trade Agreement) lowered trade barriers to create a free trade zone between the United States, Canada, and Mexico
mixed economy term used to describe the blending of a market and command economy.
economic continuum a 0-100 scale which ranks world economies from mostly command (1) to mostly market (100).
bartering system of exchange where one good or service is given in return for another; no monetary exchange.
free enterprise the creation, maintenance, and expansion of businesses outside the control or influence of the government.
subsistence producing only what is needed to survive.
rations fixed amount of a product or service allowed during times of shortages; Example in Latin America: food in Cuba
literacy rate percentage of a country's citizens who have the ability to read and write.
standard of living the level of wealth and material comfort available to the people of a country.
Created by: manleyshms