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GSE-Unit 3 Vocab #5

GSE-Unit 3 Vocabulary Review #5

TermDefinition
bartering a system of exchange whereby one good/service is given in return for another; bartering does not require monetary exchange (often found in traditional economies)
command economy an economic model wherein government planners make all business and financial decisions (often found in communist countries))
economic system an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom
entrepreneurship the capacity of private citizens to create new businesses independent of government direction or intervention
free enterprise the creation, maintenance, and expansion of businesses outside the control or influence of the government.
market (or capitalist) economy an economic model which the laws of supply and demand (not government oversight) determine what is produced/consumed and at what cost
production quota the required amount of a specific good that must be produced in a given time-frame
subsistence producing only what is necessary for personal use/survival (often found in traditional economies)
traditional economy an economic model governed by custom, habit, and history
wage term for one’s financial earnings
economic continuum a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100)
mixed economy term used to describe the market/command blending of all modern world economies
Brexit 2016 referendum whereupon most British citizens voted for the U.K. to withdraw from the European Union; Brexit is a contracted form of “British exit [from the E.U.]”
domestic term which refers to the products of services originating in one’s own country; it is the antonym of foreign
Eurozone European Union member nations who use the euro as their common currency
GDP per capita the average annual income of a nation’s citizens; per capita is Latin for “by each head”
gross domestic product (GDP) the estimated total value of all the final goods and services produced in a nation in a year’s time.
subsidization money granted by the government to assist a business or industry in lowering the cost of its product/service
Created by: jpkelley