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Unit 5.2 Euro. Econ.
| Term | Definition |
|---|---|
| bartering | a system of exchange whereby one good/service is given in return for another; does not require monetary exchange |
| command economy | an economic model wherein government planners make all business and financial decisions |
| economic system | an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom |
| market (or capitalist) economy | an economic model which the laws of supply and demand (not government oversight) determine what is produced/consumed and at what cost |
| production quota | the required amount of a specific good that must be produced in a given time frame |
| subsistence | producing only what is necessary for personal use/survival |
| traditional economy | an economic model governed by custom, habit, and history |
| wage | term for one's financial earnings |
| economic continuum | a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100) |
| mixed economy | term used to describe the market/command blending of all modern world economies |
| Brexit | 2016 referendum whereupon a majority of British citizens voted for the U.K. to withdraw from the European Union |
| domestic | term which refers to the products of services originating in one's own country; it is the antonym of foreign |
| Eurozone | European Union member nations who use the euro as their common currency |
| GDP per capita | the average annual income of a nation's citizens; Latin for "by each head" |
| gross domestic product (GDP) | the estimated total value of all the final goods and services produced in a nation in a year's time. |
| subsidization | money granted by the government to assist a business or industry in lowering the cost of its product/service |
| specialization | focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively; Germany - automotive industry Russia - natural gas industry UK - finance and banking industries |
| voluntary trade | trade in which both partners freely agree to and benefit from the exchange of goods/services |
| embargo | a trade barrier which blocks all trade with another nation; may be employed for safety reasons, but is more frequently used to punish rogue states |
| quota | a trade barrier which places a limit on imported goods |
| tariff | a trade barrier which places a tax on imported goods |
| trade barrier | any activity which slows or outright blocks the free exchange of goods and services between nations |
| currency | a nation's money |
| euro | common currency of most European Union member states; those E.U. nations currently using this are referred to collectively as the Eurozone $1 US dollar = 0.85 Euros |
| Germany's Currency | Euro $1 US dollar = 0.85 Euros |
| UK's Currency | Pound $1 US dollar = 0.74 Pounds |
| Russia's Currency | Ruble $1 US dollar = 82 Rubles |
| exchange rate | the approximate value of one nation's currency in terms of another's |
| European Union | economic and political union of 27 European nations |
| literate | able to read and write in one's native language |
| literacy rate | the percent of a nation's population over the age of 15 who are able to read and write |
| standard of living | the level of wealth and material comfort available to a people |
| human capital | the knowledge, skills, and relative health of a nation's labor force |
| capital goods | the factories, machinery, technology, etc. that are necessary to sustain a service or industry |
| natural resource | a material on or in the earth that has economic value |
| entrepreneur | those who risk their own money and resources to create a new business or service |
| private sector | the part of the economy owned and operated by private citizens |
| profit | as a verb, to gain financially; as a noun, the economic gains of a business |
| public sector | the part of the economy owned and operated by the national government |
| Russia's GDP | $2.1 trillion |
| Russia's GDP per capita | $41,700 |
| Germany's GDP | $4.6 trillion |
| Germany's GDP per capita | $62,800 |
| UK's GDP | $3.6 trillion |
| UK's GDP per capita | $52,500 |
| UK's Economic Continuum Score | 70 |
| Germany's Economic Continuum Score | 72 |
| Russia's Economic Continuum Score | 52 |
| Russia's Investment in Capital Goods | oil and natural gas exploration and refinement |
| Germany's Investment in Capital Goods | automotive industry |
| UK's Investment in Capital Goods | upgrading and expanding its telecommunications in support of multiple economic sectors |
| UK's Natural Resources | an abundance of rich farmland; deposits of coal, petroleum, iron ore, and natural gas. |
| Germany's Natural Resources | large forested areas support a booming lumber industry; deposits of coal, petroleum, iron ore, and natural gas. |
| Russia's Natural Resources | has numerous rivers which it is able to dam to produce hydroelectric power; deposits of coal, petroleum, iron ore, and natural gas. |
Created by:
heather.chapman
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