vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Capital Resources | Resources made and used to produce and distribute goods and services; examples include tools, machinery and buildings.
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| Command Economy | An economy in which most economic issues of production and distribution are resolved through ecntral planning and control.
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| Currency | The money in circulation in any country.
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| 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.
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| Entrepreneurship | A characteristic of people who assume the risk of organzing productive resources to produce goods and services; a resource.
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| Exchange Rate | The price of one nation's currency in terms of another nation's currency.
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| Human Resources | The health, education, experience, training, skills and values of people. Also known as human capital.
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| 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.
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| 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
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| 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
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| Tariff | A tax on an imported good or service
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| Trade | Voluntary exchange of goods and services for money or other goods and services.
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| Traditional Economy | An economy in which customs and habits from the past are used to resolve most econimic issures of production and distribution.
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| Industrialized | worlds wealthiest countries
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| interdependence | Countries that depend on each other for resources of goods and services
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| Per Capita GDP | Divided by the countries populations. shows individual purchasing power
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| Third world countries | countries that are also developing and lacking the economic opportunities of most indistriess
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| Devloping countries | Countries that are poor but making econimic progress
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| Embargo | When countries put a stop on trade with a certain country
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