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Economics Test!

QuestionAnswer
Economics the study of how people or countries manage their limited resources by providing, exchanging, and using goods and services.
Traditional Economy economic system in which social rules and culture decide what will be produced, how it will be produced, and how it will be distributed.
Command Economy economic system in which the government decides what will be produced, how it will be produced, and how it will be distributed.
Market Economy economic system in which the people decide what will be produced, how it will be produced, and how it will be determined.
Mixed Economy economic system in which the government and people share the role in deciding what will be produced, how it will be produced, and how it will be distributed.
Specialization when a country focuses resources on creating fewer specific products and services than they consume
Trade Barriers governmental policies that restrict, the entry of products into a country
Quota limiting the amount of products that can come into a country
Tariff a tax on imports
Embargo cutting off all trade to a certain country because of political reasons
Currency money
Exchange Rate the rate at which one unit of currency can be traded for another unit of currency of another country
Human Capital labor that is done by people in order to produce products
Capital Resource the machines, tools, factories, land, and technology that are needed to make other products
Natural Resource raw materials used to make products or "gifts of nature"
GDP the amount of products and services produced in one country in one year
trade voluntary exchange of products and services
import a product brought into a country through trade or sell
export a product leaving a country through trade or sell
Entrepreneur brining together natural, capital, and human resources and take risks to develop buisinesses
Created by: averyrcole
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