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Canada's economy

TermDefinition
Human Capital The act of producing a good or service
Natural Resources A "Gift of Nature," something that wasn't man-made like water, trees, dirt, rocks etc.
Specialization Someone how can produce one to two goods very well, a good that other countries don't have
Mixed Economy An economic system combining private and public enterprise
Entrepreneurs Someone who is willing to take risks in starting a new business
Currency Exchange An exchange rate between two currencies is the rate at which one currency will be exchanged for another
Market Economy An economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses
GDP --- Gross Domestic Prouduct The amount of money a country earn per year
Command Economy An economic system in which economic decisions and the pricing of goods and services are guided solely by the government
Traditional Economy An economic system in which economic decisions and the pricing of goods and services are guided solely by the ancestors of a tribe or group of people
Capital Goods Goods that are used in producing other goods, rather than being bought by consumers like machines, cars, computers etc.
Literacy Rate The amount of people in a country who has the ability to read and or write.
Created by: hacoir8743
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