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Favor Adetoye

Economics in L A

TermDefinition
Traditional In this type of economic based system decisions are based on customs and beliefs.
Command In this type of economic system the government controls all the economic decisions. Communist nations tend to have this type of economic system.
Market In this type of economic system private businesses and consumers make all the economic decisions.
Mixed In this type of economic system government and private businesses control the economic decisions. Democratic nations have this type.
Producers The people who make a good
Consomers The people who buy goods
Goods and Services The goods people buy.
Physical Trade Barrier A natural trade barrier.
Economical Trade Barrier A political trade barrier placed on a country or good by another country.
Embargo When one country refuses to trade with another country
Blockade When one country completely surrounds another country, city, or port, and they do not allow good to enter or leave that country
Quota A limit placed on the amount of goods that may be brought imported to encourage production within that country.
Tarrif A tax placed on an imported good
Import Goods coming into a country
Export Goods going out of a country
Specialization When a country produces one main export or crop
Diversity To add variety
NAFTA The trade agreement between the USA, Canada, and Mexico
Literacy Rate The percentage of people that can read and write
Standard of Living The overall well-being of a nation (How wealthy and healthy it is)
GPD The total amount of goods and services produced per year
Human Capitol The people and the skills they use to make a product
Capitol Goods The items used to make a product
Enterpreture A person who takes a risk by investing in a business
Debt Borrowing money that you do not have
Invest Using money to support money-making projects
Opportunity Costs The things one must give up to achieve a larger goal
Created by: Favor Adetoye