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Economic terms
Economic terms
| Question | Answer |
|---|---|
| autocratic | government where the politcal authority rest in a single leader |
| democratic | a goverment where the politcal authority rest with the citizens |
| political party | an organization which represents a single politcal agneda and socioeconomic positions in a society |
| president | a title given to the Government and (the State ) in a presidential democracy |
| prime minister | a title given to the Head of Government in a Parlimentary Democracy |
| reliable producer | consistently produces a quality product, you can count on this country/ business to be the same ex. Chick-Fil-A, German Cars |
| manufacturer | a person or business that produces a product |
| agriculture | involves planting, growing, harvesting things from the earth, Also include livestock ( cows, chickens, pigs, etc) |
| domestic | refers to your own country. Domestic products are items produced in the country you live in. |
| traditional economy | based on customs, habits or traditions to determine what to produce, how, and for who. stays the same, little change. ( a tribe in the Brazilan Rainforest) |
| command economy | all economic questions are answered by the government. The citizens have little input , Government owns most industries, businesses, farms, resources |
| market economy | a pure market economy is based on supply and demand. All economic questions are answered by the citizens, NO government involvement. ( can be out of control) |
| Mixed economy | a combination of citizens making economic decisions and the government steppinng in for health and safety. Most countries have a mixed- market leaning economy. |
| What are the 3 economic questions all countries or businesses must answer? | all countries or business must answer these questions. What to produce? How to produce? Who to produce it for? |
| consumer | someone who buys a good or service. You are a consumer when you buy things at a store. |
| free enterprise | creation and maintenance of a business outside the control of the government |
| infrastructure | – a nation’s buildings, roads, bridges, power grids, etc. |
| • specialization | producing a certain product really well, having the comparative advantage to produce the product. |
| human captial | 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- oil, arable land, fresh water, minerals, timber |
| entreprenuer | – those who risk their own money and resources to create a new business or service |
| NAFTA | – North American Free Trade Agreement among Canada, the United States, and Mexico |
| USMCA | United States, Mexico, Canada trade agreement that replaced NAFTA. |
Created by:
hbstone
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