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Euro. Economics Voc.

Vocabulary Words for European Economics

Bartering a system of exchange where one good or service is given in return for another good or service; does not require money
Command Economy an economic model where the government makes all business and financial decisions
Market Economy an economic model where supply and demand/ people answers all economic questions
Traditional Economy an economic model where the economic questions are answered by custom, habit, and history
Mixed Economy term used to describe all modern world economies and the mix of market and command economies
Gross Domestic Product (GDP) the estimated total value of all the final goods and services produced in a nation in a year’s time
Specialization focusing on a narrow range of products or services that can be produced most efficiently and cost-effectively
Trade Barrier any activity which slows or stops the free exchange of goods and services between nations
Embargo a trade barrier that stops all trade with another nation
Quota a trade barrier that places a limit on imported goods from another nation
Tariff a trade barrier that places a tax on imported goods from another nation
Currency a nation's money
Created by: cordellt
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