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Canada's economy
| Term | Definition |
|---|---|
| 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:
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