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CMS6-Unit 6 Vocab

CMS6-Unit 6 Vocabulary

Capital The property (buildings, machinery, etc.) and technology that represent the chief investments of a person or business.
Command economy An economic system in which what is produced, how it is produced, and for whom it is produced is determined by the government.
Currency exchange A business that allows individuals or groups to exchange the currency of one country for that of another. The exchange of currencies is necessary in a world where trade takes place between nations with different monetary systems.
Embargo An official ban, usually on trade with another country. Sometimes the ban is on specific goods.
Entrepreneurship The process of starting an organization or business. The economies of many countries are supported by small businesses begun by entrepreneurs.
Human capital The human knowledge, creativity, and habits that contribute to an economy.
Market economy A system in which what is produced, how it is produced, and for whom it is produced is based on supply and demand. Producers set the prices for their goods based on what individuals are willing to pay.
Mixed economy An economy that is part market economy and part command economy. Most countries have mixed economies.
Natural resources Land, water, forests, and minerals found in nature. These contribute to the wealth of a country.
North American Free Trade Agreement (NAFTA): A trade agreement between Canada, the United States, and Mexico that eliminated most tariffs and trade restrictions on goods and services traded among the countries.
Quota A limit set on the production of a product. Quotas can be set by governments or industry groups, such as OPEC. The purpose is usually to protect domestic production and control the price of a product.
Specialization The focusing of a business or a country on the production of one or a relatively small number of products or services. Because most areas can produce only a limited number of goods or services, they must then trade for the goods and services they need.
Tariff A tax or duty that must be paid on a specific import or export. Tariffs are often used by governments to limit imports from other countries.
Traditional economy An economic system in which what is produced, how it is produced, and for whom it is produced is based on the traditions, beliefs, and customs of society. Traditional economies are usually agriculturally based.
Created by: jpkelley