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Economics Terms
| Term | Definition |
|---|---|
| traditional economy | an economy in which most of the economic decisions are based on customs and habits of the past |
| command economy | an economy in which most of the economic decisions are made up by government planning groups |
| market economy | an economy in which a society's economic decisions are made by consumers and producers who decide what to produce and what to buy and whose prices are set by supply and demand |
| specialization | those products a country makes best and that are in demand on the world market |
| mixed economy | an economy that has characteristics of both market and command economic systems |
| trade barriers | anything that slows down or prevents one country from exchanging goods with another |
| tariff | a tax placed on goods when they import into one country from another country which encourages citizens to buy goods from their own country |
| quota | a way of limiting the amount of foreign goods that can come into a country which encourages citizens to buy goods from their own country |
| bartering | a system in which goods and services are exchanged instead of using cash as a payment in a traditional economy |
| embargo | a trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy, a ban on trade |
| currency | something that is used as a medium of exchange; money |
| exchange rate | a system of changing from one type of currency (money) to another |
| export | a product that one country sells to another |
| import | a product that one country buys from another |
| human capital | the knowledge and skills that make it possible for workers to earn a living producing goods and services; the value a person brings to the workplace |
| gross domestic product | the value of all the final goods and services produced within a nation in a given year |
| per capita GDP | the amount of goods and services produced compared to the number of people |
| capital goods | the factories, machines, and technology that people use to make products to sell |
| entrepreneurs | creative, original thinkers who are willing to take risks to create new businesses and products |
| standard of living | the degree of wealth and material comfort available to a person or community |
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