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Economics Terms

TermDefinition
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
Created by: swhite2015
 

 



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