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L. America Economy

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
Created by: telliot1