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Tavel's Econ Terms
Tavel's Econ Terms and Vocab for classes
| Question | Answer |
|---|---|
| "Do what you do best; trade for the rest!" | Specialization |
| an economic system in which people, not government, decide what to make, sell, or buy; a market economy | Free enterprise |
| an economy in which business owners and consumers make decisions about what to make, sell, and buy | Market economy |
| an economy in which the government owns most of the industries and makes most of the economic decisions | Command economy |
| Economy based on what has been done in the past, one barter for goods not produced by the family group. | Traditional Economies |
| Exchange rates provide a procedure for determining the value of one country's currency in terms of another countries' currency. Without a system for exchanging currencies, it would be very difficult to conduct international trade. | Currency Exchange |
| countries in different stages of moving toward development | Developing countries |
| countries that rely more on industry than agriculture | Industrialized countries |
| depending upon another country for resources or goods and services | Interdependence |
| economy based on a single resource or crop. | One-resource economy |
| education and training of workers whether formal or on-the-job. Not a factor of production but a factor that influences economic growth. | HUMAN CAPITAL |
| exchange of goods or services based on custom and tradition | Traditional economy |
| human effort used in production which also includes technical and marketing expertise. This is your human effort. It is the resource that does the "hands on" work of transforming raw materials into goods or provides a service. | LABOR |
| In a this economy, national and state governments play no role. Consumers and their buying decisions drive the economy. Basic economic questions answered by consumers by deciding what to buy and private businesses by deciding what to make and sell. Pricin | Market Economies |
| is a tax placed on goods that one nation imports from another. Many nations use these to protect their industries from foreign competition. These provide protection by acting to raise the price of imported goods. Thus, they encourage domestic firms to rai | A tariff |
| an order designed to stop the movement of goods. Issued by the government of one country, it restricts or suspends trade between that country and another nation in order to force the other nation to do something its government does not want to do. | An embargo |
| land, labor, capital, and entrepreneurship. | Factors of Production |
| manmade goods which are used in the production of other goods. These include machinery, tools, factories and other buildings and their furnishings, vehicles, and technology. These are the things that are used to make the things that are then sold as the p | CAPITAL RESOURCES or CAPITAL GOODS |
| more people than a region or country can self-support | Overpopulation |
| offer another means of protectionism. These set a limit on the amount of certain goods that can be a country and tend to be more effective than protective tariffs which do not always stop consumers who are will to pay a higher price for an imported good. | Import quotas |
| percent of people who can read and write | Literacy rate |
| products a country buys from other countries | Imports |
| products a country sells to other countries | Exports |
| the average number of people living within a set area | Population density |
| The most important aspect of this type of economy is that all major decisions related to the production, distribution, commodity and service prices, are all made by the government or centralized authority. The economy, that is all businesses, land, and na | Command Economies |
| the study of the production and distribution of goods and services, it is the study of human efforts to satisfy unlimited wants with limited resources. | Economics |
| the value of the next best choice that one gives up when making a decision; cost of passing up the next best choice when making a decision; the value of the next-highest-valued alternative use of that resource. | Opportunity Cost |
| natural resources or raw materials used to make a product. Non-human resources as found in their original, unimproved form. This provides the basic raw materials, the vegetation, animals, minerals used in production. | LAND |
| This is a special sort of human effort that takes on the risk of bringing labor, capital, and land together and organizing production. These people combine the other factors of production, land, labor, and capital in an innovative way to make a profit. | ENTREPRENEURSHIP |
| value of all goods and services produced within a country | Gross domestic product (GDP) |
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tavell
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