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SE Asia Econ Vocab

TermDefinition
Bartering Trading without using money
Traditional Economy All economic decisions are based on customs and habits of the past
Command Economy ALL economic decisions are made by the government
Market Economy Economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the market place.
Mixed Economy When a country has characteristics of both Command and Market economies
GDP/Gross Domestic Product Total value of of all the goods and services produced in a country in one year.
Natural Resources Gifts of Nature
Capital Goods Factories, machines, technology, building, and property needed by businesses to operate
Human Capital Education, training, skills, and healthcare of the workers in a business or country
Entrepreneur Person who provides the money to start and operate a business
Four Modernizations The Chinese economic plan that has led to excellent growth in China's economy.
Literacy rate Amount of people over the age of 15 in country that can read and write.
Specialization Countries specialize in producing those goods and services they can provide best and most efficiently
Quota Limit to the amount of goods that can be brought into a country
Tariff Tax on imports
Embargo A halt to trade with a particular country for economic or political reasons.
Currency Money
Green Revolution India's unsuccessful governmental efforts to modernize Indian agriculture in the 1960s
Special Economic Zones These 4 zones were established in provinces along the eastern coast of China to act as trade centers for global trade
Arable Land that is suitable for farming
Sanctions
Created by: shmsz
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