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Economy basic

trade barriers restrict or limit trade - tariffs or emgargos
physical trade barriers physical features that would prevent trade
economic trade barriers restrict trade between countries
human capital invest in education, healthcare, & training of people
capital goods a good such as machinery used to produce other things
producer person or company that makes items for sale or puchase
consumer a person who buys something
products items available for purchase
services work done for other people for a fee
gross domestic product total value of all final goods and services produced in a country in one year
entrepreneur someone who starts their own business or invests in an old one
diversify to add variety to something
credit loan of money to be paid back over time
investing using money to make money
traditional economy based on bartering/trading goods
market economy individuals/businesses own and control production
command economy government makes all the economic decisions for the country
mixed economy a blend of systems: traditional, market, or command
Created by: cindyritter
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