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Baseball vocab
| Term | Def |
|---|---|
| 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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