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Economics

basic economic terms/definitions

TermDefinition
capital goods the factories, machines, and technology that people use to make products to sell
command economy an economy in which a government planning group makes most of the basic economic decisions for the workers
currency something that is used as a medium of exchange; money
embargo a trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy
entrepreneur creative, original thinkers who are willing to take risks to create new businesses and products
exchange rate a system of changing from one type of currency to another
gross domestic product (gdp) the value of all the final goods and services produced within a nation in a given year
human capital the knowledge and skills that make it possible for workers to earn a living producing goods or services
invest to put money to use in something offering potential profitable returns, as interest, income, or appreciation of value
literacy the ability to read and write
market economy an economy in which a society's economic decisions are made by individuals who decide what to produce and what to buy
mixed economy an economy that has characteristics of both market and command economic systems
natural resources something that is in or supplied by our natural environment and can be consumed or used by people
quota a way of limiting the amount of foreign goods that can come into a country
specialization those products a country makes best and that are in demand on the world market
tariff a tax placed on goods when they are brought into one country from another country
trade barriers anything that slows down or prevents one country from exchanging goods with another
Created by: kwatkins
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