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Economics

TermDefinition
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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