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Economies

TermDefinition
Traditional economies system in which traditions, customs, and beliefs help develop the goods and the services the economy produces
Mixed economy an economic system combining private and public enterprise
Market economy An economic system where decisions regarding investment, production, and distribution are based on the interplay of supply and demand, which determines the prices of goods and services
GDP(gross domestic product) the total value of goods produced and services provided in a country during one year
Per capital GDP a measure of the total output of a country that takes gross domestic product and divides it by the number of people in the country
Specialization A method of production where a business, area or economy focuses on the production of a limited scope of products or services to gain greater degrees of productive efficiency within an overall system
Trade Barrier government-imposed restraint on the flow of international goods or services
Entrepreneurs setting up a business or businesses, taking on financial risks in the hope of profit
Human capital the skills, knowledge, and experience processed by an individual or population, viewed in terms of their value or cost to an organization or country
Capital goods goods that are used in producing other goods, rather than being bought by consumers
Created by: Tori.lamar
 

 



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