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Business 6c

vocab

QuestionAnswer
Capital Resources Resources made and used to produce and distribute goods and services; examples include tools, machinery and buildings.
Command Economy An economy in which most economic issues of production and distribution are resolved through ecntral planning and control.
Currency The money in circulation in any country.
Entrepreneur One who draws upon his or her skills and initiative to launch a new business venture with the aim of earning a profit. Often a risk-taker, inclined to see opportunity when others do not.
Entrepreneurship A characteristic of people who assume the risk of organzing productive resources to produce goods and services; a resource.
Exchange Rate The price of one nation's currency in terms of another nation's currency.
Human Resources The health, education, experience, training, skills and values of people. Also known as human capital.
Market Economy An economy that relies on a system of interdependent market prices to allocate goods, services, and productive resources and to coordinate the diverse plans of consumers and producers, all of them pursuing their own self-interest.
Natural Resources (know as land) "Gift of nature"that can be used to produce goods and services;ex:oceans,air,mineral deposits, virgin forests and actual fields of land.When investments are made to improve fields of land or other natural resources,those resources become capital resources
Quotas In international trade,limit on the quantity of a product that may be imported/exported,established by govnt laws or regulations;in command economies,more typically a production target assigned by govnt planning agencies to the producers of a good/service
Tariff A tax on an imported good or service
Trade Voluntary exchange of goods and services for money or other goods and services.
Traditional Economy An economy in which customs and habits from the past are used to resolve most econimic issures of production and distribution.
Industrialized worlds wealthiest countries
interdependence Countries that depend on each other for resources of goods and services
Per Capita GDP Divided by the countries populations. shows individual purchasing power
Third world countries countries that are also developing and lacking the economic opportunities of most indistriess
Devloping countries Countries that are poor but making econimic progress
Embargo When countries put a stop on trade with a certain country
Created by: jessie427
 

 



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