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Economics & Gov't

Vocabulary - Trade, Economic Growth and Government Systems in SW Asia

TermDefinition
Voluntary Trade when different countries choose to engage in the exchange of goods with one another.
Specialization when countries choose to specialize in what they do best, and then they trade for the goods and services another country produces more efficiently.
Interdependence depending, or relying, on each other
Opportunity Cost the value of what is given up when one choice is made over another
Trade barriers natural or man-made obstacles to voluntary trade
Tariff a tax placed on imported goods
Quota a limit on the amount of a good that can be imported into a country
Embargo when nations refuse to trade with a country at all
Currency exchange when money from one country is converted into the currency of another country
Exchange rate what the currency of a nation is worth in terms of another country's currency
OPEC Organization of the Petroleum Exporting Countries
Gross domestic product (GDP) the total value of all goods and services produced by a country in one year
Natural resources raw materials from nature (land)
Capital goods man-made materials ( factories, machines, and technology)
Human capital skills, education, and experiences of workers
Entrepreneur a person who starts a new business
Literacy rate the percentage of adults who can read and write
Autocracy 1 person possesses unlimited power and citizens have limited role in government
Democracy supreme power is vested in the people and exercised by them directly or indirectly through a system of representation involving free elections
Parliamentary citizens elect members of Parliament, and then the members select the leader
Presidential system of government in which the leader is constitutionally independent of the legislature
Prime minister the chief executive of the government
President the head of state
Created by: ladotson
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