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Tinsley's Econ Terms
| Term | Definition |
|---|---|
| Traditional Economy | All economic decisions are based on customs, traditions and beliefs from the past. |
| Command Economy | The three economic questions are answered by strict government control. These countries are usually communist. |
| Market Economy | The three economic questions are answered based on supply and demand in the marketplace. |
| Mixed Economy | This is a mix of command and market economies. No democratic country is purely market or command. |
| Three Economic Questions | What are we producing? How are we producing it? For whom are we producing it? |
| Supply and Demand | The amount of a product, or service available. The desire by consumers for that product or service. |
| Bartering | Trading without using money. |
| Entrepreneur | A private citizen that risk their own money and resources to create a new business or service. |
| Tariff | A tax on imported goods |
| Quota | When a country limits the amount of imports into their country |
| Embargo | A ban on imports from another country |
| Human Capital | The abilities and skills of any individual, especially those acquired through investment in education and training, that enhance potential income earning. |
| Capital Goods | Physical assets that a company uses in the production process to manufacture products and services that consumers will later use. Capital goods include buildings, machinery, equipment, vehicles, and tools. |
| Euro | Currency used in countries in the European Union |
| European Union | International organization comprising 27 European countries and governing common economic, social, and security policies. |
| Gross Domestic Product | Estimated total value of all the final goods and services produced in a nation in a year’s time |
| How does literacy effect GDP? | As literacy rises in a nation, So does the GDP. Education leads to better jobs, which increases GDP in a nation. |
| Domestic | Products or services originating in one’s own country. It's another word for made at home. |
| Currency | A nations money |
| Literacy Rate | The percentage of People that can read and write |
| Natural Resource | A material on or in the earth that has economic value |
| Standard of Living | The level of wealth and material comfort available to a people. |
| Trade Barriers | Tariff, Quota, Embargo |
| Specialization | When a nation or individual focuses resources on producing a limited variety of goods. |
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