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Economic Words
| Term | Definition |
|---|---|
| mixed | A combination of private business and government control of the economy. Democracies have this type of system. |
| market | Private businesses make the economic decisions. It is based on supply and demand |
| traditional | System based on customs and beliefs. |
| command | System controlled by the government. Communist countries like Cuba have this type of system. |
| Entrepreneur | Someone who takes a risk by starting a new business investment |
| literacy rate | The percentage of the people that can read and write. The higher this is, the higher the standard of living is. |
| GDP (Gross Domestic Product) | The total number of goods and services produces in a year |
| Human Capital | People and their education and skills. Investing in this will increase GDP |
| Capital Goods | Factories, tools, technologies used to make a product. Investing in this will increase GDP |
| quota | a limit on the amount of goods traded to increase production or demand for a product |
| blockade | Not allowing goods to enter or leave a place |
| embargo | refusing to trade with another country |
| tariff | a tax placed on an IMPORTED good |
| specialization | When one country specialized in a product, part of a product or crop for trade. This increases trade. |
| Standard of Living | the overall well-being of a nation (How wealthy and healthy it is) |
| scarcity | Not having enough of a resource |
| currency exchange | When you have to switch your money to another nation's currency because they use a different currency. |
Created by:
mgilmour
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