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Europe Economy Vocab

TermDefinition
traditional economy an economic system that relies on fishing, farming, hunting and gathering; guided by traditions ; bartering instead of money
economic system an economic model used by governments to determine what should be produced/provided in terms of goods and services
command economy an economic model where government planners make all business and financial decisions
market economy an economic model in which the laws of supply and demand determine what is produced/consumed and at what cost
barterring a system of exchange whereby onegoodservice is given in retrun for another and bartering doesnt require monetary exchange
capital goods the factories,machinery, technology, that are necessary to sustain a service or industry
specialization focusing on a narrow range of products/services that can be produced most efficiently and cost effectively
literacy rate the percent of a nation's population over that age of 15 that are able to read and write
standard of living the level of wealth and material comfort available to all people
trade barrier any government restriction on international trade
quota a limit on the number of imports allowed into a country.
embargo a government order stopping trade with another country.
tariff a government tax on imports.
european union economic and political union of 28 European Nations
mixed economy an economic system that blends characteristics of command and market economies
euro- common currency of most European union members; those E.U. Nations currently using the euro are referred to collectively as the Eurozone.
industry the process of making products by using machinery and factories.
gross domestic product (GDP) the total value of all the goods and services produced in a country in one year.
human capital the quality of human resources; workers.
entrepreneur someone who starts and runs a business.
Created by: user-1766689
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