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Baseball vocab

economy the management of resources in a country
scarcity insufficiency or shortness of supply
economic systems an organized way in which a state or nation allocates its resources and goods and services in a community
traditional economy traditional customs and values answer the three basic economic questions
market economy supply and demand answer the three economic questions
supply and demand demand; how much of a product or service is desired by buyers. supply; how much the market can offer
mixed economy the blend of market and command; have both elements
gross domestic product (GDP) the total value of all goods and services produced by a country in 1 year
natural resources resources supplied by nature
human capital the education and training of workers
capital goods goods that are used in producing other goods, rather than being bought by consumers
entrepreneurship one who takes the risk of owning and running a buisness
specialization one nation can produce a good or service at a lower opportunity cost
trade buying and selling goods and services
opportunity cost the value of what is given up when one choice is made over another
interdependence depending or relying on one another
goods and services goods; can be consumed by someone services; actions people take
trade barriers to restrict, limit, or control trade
tariff a tax on imported goods
quota limit on the quantity of imported goods
embargo ban with one country with trade
system for exchanging currencies a system that changes countries currencies into another countries currency
exchange rate how much one country's currency is worth compared to another
command economy government answer three economic questions
Created by: jenaro



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