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unit one
Economics
| Term | Definition |
|---|---|
| Command Economy | An economy in which centralized planning groups decide what and how goods and services will be produced, distributed and consumed. |
| Consumption | The using up of goods and services by consumer purchasing or in the production of other goods. |
| Distribution | The process of marketing and supplying goods, especially to retailers. |
| Market Economy | An economy in which changes in price guide what and how goods and services will be produced, distributed and consumed. |
| Mixed Economy | An economy that blends characteristics of both command and market economics, but falls closer to one form or the other. |
| Production | The creation or manufacture for sale of goods and services with exchange value. |
| Traditional Economy | An economy in which customs and habits of the past decide what and how goods are produced, distributed and consumed. |
| Embargo | A government order stopping trade with another country to put pressure on the government of that other country. |
| Quota | A limit placed on the number of imports that may enter a country. |
| Specialization | The division of labor; work is divided into parts for workers, factories, or countries to become experts on producing certain goods. |
| Tariff | A tax on imports. |
| Capital | Wealth available for or capable of use in the production of further wealth. |
| Gross Domestic Product(GDP) | The total value of all goods and services produced in a country in one year. |
| Human Capital | Workers of a business or country including their education, training, skills, and health. |
| Natural Resource | Something that is found in nature and is necessary or useful to humans |
| Credit | An arrangement for deferred payment of a loan or purchase. |
| Entrepreneur | One who risks his or her own money, time, ideas, and energy to start and run a business. |
| Income | Money coming in for a person or into a business |
| Intraprenuer | A person within large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk taking and innovation. |
| Investing | Putting money into a bank account, stock, bond, or mutual fund that pays interest. |
| Saving | Income not spent. |
| Spending | To pay out or expend money. |
| Physical Capital | The factories, machinery, and technology used to produce goods and services. |
Created by:
cgball45
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