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Economic Systems

of Europe

TermDefinition
Economic System The way in which a nation uses its resources to satisfy people's needs and wants
Scarcity the economic problem of having unlimited human wants in a world of limited resources
Traditional Economic System social roles and culture determine how goods are made, sold, and bought
Market Economic System based on individual choices and voluntary trade
Command Economic System The government owns some or all of the factors of production
Mixed Economy Economy that has features of more than one of the economic systems
Trade Barrier Any law or practice that a government uses to limit free trade between countries
Embargo A type of barrier in which a government places restrictions on the import or exports of certain goods. Embargoes often are backed by military force
Quota A limit of the amount of product that may be imported during a given period of time
Tariff A fee charged for goods or services brought into a state or country and another state or country
Free Trade Zone An exchange of good without the use of tariffs or quotas within a certain boundary (European Union)
Currency Money in any form that is accepted as a medium exchange, but especially paper money
Exchange Rate The amount of one currency that can be purchased for a given unit of another
Physical Capital Resources such as factories, machinery, and tools that people use to make other goods
Human Capital The knowledge and skills that allow workers to produce goods and services and earn income
Standard of Living the level of wealth, comfort, material goods and necessities available in a certain area
Literacy Rate the ability to read and write at a specified age in a country
Gross Domestic Product (GDP) the monetary value of all the finished goods and produce within a country's borders
Natural Resources Raw Materials that are used to support life and make goods
Entrepreneur Someone who brings together land, labor, and capital goods to produce goods and services
Created by: ccassrom2