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European Econ Vocab
| Term | Definition |
|---|---|
| Gross Domestic Product (GDP) | the total value of goods produced and services provided in a country during one year. |
| literacy rate | the percentage of a population over the age of fifteen that can read and write |
| currency exchange | how much of one type of currency (money) can be bought for each unit of another type of currency |
| trade barriers | any rules or laws that affect the buying and selling of goods and services |
| quotas | a fixed or limited number of something allowed; usually set by the government |
| capital goods | physical assets(things they own) that a company uses to produce goods and services; examples are: equipment, buildings, vehicles, tools, etc. |
| human capital | the economic value of a person's skills and labor-workers |
| standard of living | the amount of goods and services you can buy within a country |
| embargos | a government restriction placed on the import or export of goods and services from other countries or areas |
| tariffs | a tax on goods or services imported into a country or area. |
| entrepreneurship | the process of starting, organizing, managing, and assuming the responsibility for a business |
| natural resources | Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain |
Created by:
mhead
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