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Economic Terms

What questions does economics try to answer? What to produce? How to produce it? For whom to produce?
What economic system is based on customs and traditions? Traditional
What economic system is completely controlled by the government and it makes all economic decisions? Command
What economic system is completely controlled by supply and demand or individuals and businesses own and control production? Market
What economic systems is a blend of systems: Traditional, market or command? Most democracies will have this system. Mixed
What are Tariffs? taxes (can make products to expensive)
What are Embargos refusing to buy, sell or trade with another country
What are Quotas- limits imports limits imports
What is Currency exchange-might not be equal exchange Blockade- physically stopping imports and exports exchanging one country's currency for anothers- might not be equal exchange so you may lose money
What is a Blockade- physically stopping imports and exports physically stopping imports and exports
What are physical trade barriers? Physical features that would prevent trade- mountains, rivers, oceans.
What is human capital? The investing in the education, healthcare and training of people, especially by companies who employ them.
What are capital goods? A good such as machinery that is used to produce other things
Who is a producer? Person or company that makes items for sale or purchase
Who is a Consumer? A person who buys something
What are Products/goods? Items available for purchase
What are services? Work done for other people for a fee
What is literacy rate? The ability to read and write. It impacts your ability to make a living. The higher the literacy rate the better the standard of living.
What is GDP? (Gross domestic product) The total value of all final goods and services produced in a country in one year.
Who is an entrepreneur? Someone who starts their own business or invests in an old one.
What are natural resouces? Materials found within the earth, used to create or produce products
What is scarcity? Not having enough of something.
What is an import? To bring products into a country
What is an export? Sending products out of the country
What is standard of living? The quality of life of a country or person. The higher the literacy rate the higher the standard of living.
What is specialization? Being an expert in a particular field or job
What is the European Union? A group of European Countries that work together on environmental, financial issues as well as terrorism
Created by: jgillis
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