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* Cook 10 Econ $$

* Cook Unit 10 Economic Terms & Personal Finances

QuestionAnswer
Capital Resources Resources made and used to produce and distribute goods and services; examples include tools, machinery, and buildings
Natural Resources "Gifts of nature" that can be used to produce goods and services; for example,oceans,air,mineral deposits, forests and actual fields of land.
Command Economy An economy in which most economic issues of production and distribution are resolved through central planning and control (government involvement)
Currency The money in circulation in any country.
Quotas In international trade,the limit on the quantity of a product that may be imported or exported,established by government laws or regulations. A country will only accept a certain amount of imports.
Entrepreneur one who draws upon his or her skills and initiative to launch a new business venture with the aim of earning a profit. Often a risk-taker,inclined to see opportunity when others do not.
Specialization A situation in which people produce a narrower range of goods and services than they consumes. This increases productivity;it also requires trade and increases interdependence.
Exchange Rate The Price of one nation's currency in terms of another nation's currency.
Tariff A tax on imported goods or services.
Human Resource The health, education, experience,training, skills, and values of people. Also known as human capital. The people have the right skill level for the work.
Trade Voluntary exchange of goods and services for money or other goods and services. You pay for products or services received.
Market Economy An economy that relies on a system of interdependent market prices to allocate goods,services,and productive resources and to coordinate the diverse plans of consumers and produces all of them pursuing their own self-interest. Buyers and sellers decide.
Traditional Economy An economy in which customs and habits from the past are used to resolve most economic issues of production and distribution. Rare - example: trading for beaver skins.
Entrepreneurship A characteristic of people who assume the risk of organizing productive resources to produce goods and services; a resource.
Embargo a government order stopping trade with another country to put pressure on the government of that other country.
income money coming in for a person or into a business; the amount of money received for labor, for services, from the sale of goods or property, or from investments.
spending Money used to purchase things you need or want.
credit money borrowed; get something now and pay later, usually at a higher rate.
saving to put aside money for a later use; money not spent
investing when you allow businesses to use part of your money in return for interest or a share of their profits (the money the business makes)
Created by: kcook
 

 



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