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Economy

Economic Terms

TermDefinition
Economy System in which people produce, buy, and sell things
Traditional Economy A model where economic decisions are based on customs and beliefs of the past
Command Economy A model where economic decisions are made by the central government. Example: North Korea and Cuba
Market (Capitalist) Economy A model where economic decisions are guided by individuals - supply and demand
Imports Goods bought and shipped in from another country
Specialization Strategy that allows a country to use its most efficiently made resources to trade for other resources
Tariff Tax on imported goods
Quota Limit on amount of goods a country imports
Embargo Complete ban on trading for political reasons
Currency Exchange Changing types of money to another type of money
GDP Gross Domestic Product: the value of goods and services produced by a country during 1 year
Human Capital Value of the knowledge and skills of workers in a country; factor used to determine GDP
Capital Goods Tools used to make goods and services Example: technology, factories, machines
Natural Resources Materials found in nature within a country (i.e. oil, gold, diamonds, trees, etc.) that can be used for economic gain. Gifts of nature.
Entrepreneurship Capacity for private citizens to risk their own wealth to create/own a business
Standard of Living Degree of wealth and material comfort available to a country
Literacy Rate Percentage of the population aged 15 and older that can read and write.
Mixed Economy Term used to describe the command/market combination of all modern world economies.
GDP per Capita Average amount citizens of a country make per year.
Investment Money or resources spent for some benefit in the future
Relationship How two things are connected
Interdependence When two countries depend on one another for things they need.
Export Goods sold and shipped out from the country
Profit Difference between the cost to produce something and the amount earned
Private Sector Section of the economy in a country operated by entrepreneurs and privately owned businesses
Public Sector Section of the economy in a country owned by the government.
Barter To trade items without using currency
Currency Another word for money
Economic Freedom Continuum A 0-100 measurement of how Regulated (Command-leaning) or Free (Market-leaning) a country's economy is.
Citizen A legal member of a country
Three Economic Questions What to Produce? How to Produce? For Whom to Produce?
Regulation Rules to control how things are done
Trade Process of buying and selling goods and services
Raw Materials Basic material from which something is made or produced
Capital Resources used to make goods and services
Resource Source of supply
Supply and Demand Amount of goods and services available - AND - the desire for people to buy them. These forces affect the price.
Goods Things produced to be sold
Services Action provided for a price
Free Enterprise Creating and growing businesses outside the control of the government.
Subsistence Producing only what is necessary for personal use/survival
Wage A worker's financial earnings (salary)
Dissident A person who opposes the authority of a government
Graft Financial gain through illegal means, typically through kickbacks and bribes
Infrastructure A nation’s buildings, roads, bridges, power grids, etc
Privatize to transfer a business, industry, or service for public (government) to private control
Ration A fixed amount of a product or service allowed during times of shortage
Subsidies Money granted by the government to help a business lower the cost of its product/service
Voluntary Trade when different countries choose to exchange of goods with one another.
Trade Barriers natural or man-made obstacles (to voluntary trade.
Exchange Rate The value of a nation's currency in terms of another country’s currency
 



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