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Economic Terms
| Term | Definition |
|---|---|
| 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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