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Economic Words

TermDefinition
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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