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Economies

TermDefinition
Traditional Economy Traditional economy is an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution.
Mixed Economy An economic system combining private and public enterprise.
Market Economy A market economy is 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.
Gross Domestic Product (GDP) The total value of goods produced and services provided in a country during one year.
Per Capita GDP Per capita GDP is a measure of the total output of a country that takes gdp and divides it by the number of people in the country. The per capita GDP is especially useful when comparing one country to another, because it shows the relative performance of
Specialization The process of concentrating on and becoming expert in a particular subject or skill.
Trade Barriers Trade barriers are government-induced restrictions on international trade.a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Entrepreneur A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Human Capital The skills, knowledge, and experience possessed 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: Mathis.kaleigh