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VMMS Economics Vocab

6th Economic Vocabulary Words

TermDefinition
mixed economy modern economies with characteristics of a command and market economy
traditional economy customs and habits of the past are used to decide what and how goods will be produced.
command economy government planning groups make the basic economic decisions.
market economy decisions are guided by changes in prices that occur between individual buyers and sellers in the market place.
tariff tax on imported goods
embargo a government order to stop trading with another country
quota specific limit placed on the number of imported goods
currency money people used to make trade easier
exchange rate the price one nation's currency in terms of another nation's currency
physical capital factors, machinery technology
human capital education, healthcare, workers
GDP (Gross Domestic Product the total value of all goods and services produced in a country within one year.
NAFTA North American Free Trade Agreement
voluntary trade where the exchange of goods and services are done freely and benefit both parties.
entrepreneur a person who starts a business
specialization division of labor; becoming an expert at producing certain goods
import goods entering a country
export goods exiting a country
natural resources gifts of nature
dollar type of currency used in the United States
Created by: Ellis.Kellen
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