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Trade Barriers and Economic Growth Factors

Tariff A tax on imports
Quota A limit on imports
Embargo To forbid all trade
Trade Barrier Something that limits trade
Geographic Trade Barrier A physical feature that makes trade difficult - ex. ocean, mountain range, rain forest, etc.
Government Imposed (or political) Trade Barrier A trade barrier that is established by the government - ex. tariff, quota, embargo
Human Capital The skill and education of a human resource
Capital Goods Anything that is used over and over again to produce another product
Natural Resources Something that comes from nature
Entrepreneur Someone who risks his/her money to start a business
Gross Domestic Product (GDP) The value of all goods and services produced in a country in a year
Gross Domestic Product per capita (GDP per capita) The average amount of money a person makes in a country in one year
Literacy Rate The percentage of people (over age 15) who can read and write
Import Bringing a product into a country
Export Sending a product to another country
Trade Exchanging one product or service for something else
Free Trade Trade without any restrictions (no trade barriers)
Specialization People or nations produce a few special goods and services and trade those goods and services for the things they want.
Economics The study of how people choose to use scarce resources to produce and distribute goods and services.
Productive Resources Natural, human, and capital resources used to make goods and services
Standard of Living Goods and services per person in a country - The quality of life based on the possession of necessities and luxuries that make life easier
Industrialized Countries Wealthy countries - Many Industries - Lots of Technology - High standard of living - Many advanced job opportunities - Economic Growth
Third World Countries Poor countries - Low standard of living - Few advanced job opportunities - Little to no economic growth
Death Rate The number of deaths per 1,000 people in an area
Infant Mortality Rate The number of deaths in the first year of life for every 1,000 live births
Created by: smmhr5