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L. America Economy
Question | Answer |
---|---|
Quota | the restriction on the amount of goods that can be imported. |
Literacy rate | The percentage of a country's people over 15 who can read and write, |
Tariff | A tax placed on an imported good. |
Human capital | The people who perform labor for a company. |
Gross Domestic Product (GDP) | The value of all the goods and services produced in a country in one year. |
Embargo | When a country forbids trade with another country. |
Command Economy | An economic system in which the government makes all economic decisions. |
Bartering | trading goods and services without using money |
Economic System | the method a country uses to answer the three economic questions |
Entrepreneurship | Accepting the risk of starting and running a business. |
Free Enterprise | an economic system in which private business operates in competition and largely free of state control. |
Market economy | Supply and demand determines what is produced/consumed and at what cost |
Traditional Economy | economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services |
Mixed economy | an economic system combining private and public enterprise. |
Trade Barriers | Government-induced restrictions on international trade. |
Natural Resources | A region's minerals, energy, land, water, forests, wildlife and biodiversity. |
Specialization | A method of production where a business or area focuses on the production of a limited scope of products or services in order to gain. |
Capital Goods | Material and equipment used in the production of goods or services |
Three Economic Questions | what to produce, how to produce, whom to produce |