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Economic Terms

Economic Vocobulary
by

Betsy Skalet

on 27 February 2014

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Transcript of Economic Terms

Economic

Vocabulary

GDP
Gross Domestic Product
The amount of goods and services
produced in a country in a year
Investment
Money someone gives an individual
in hopes of gaining future returns
command economy
Controlled by the Government
Traditional Economy
An economy in which customs and habits of the past decide what and how goods and services are produced, distributed and consumed
Market Economy
An economy where buyers and sellers figure out the business (changes in price guide what and how goods and services will be produced, distributed, and consumed).
Currency
Money used in a particular country to buy goods and services.
Dollar, euro, peso
Trade Barriers
Tariff
A tax on imports
Embargo
A government order stopping trade with another country to put pressure on the government of that other country.
Quota
A limit placed on the number of imports that may enter the country.
Human Capital
Workers of a business or country, including their education, training, skills and health.
Capital Goods
Physical Capital: factories, machines, technologies, buildings, and property needed for a business.
Entrepreneur
One who risks his or her own money, time, ideas, and energy to start and run a business.
Natural Resources
“Gifts from nature” such as oil, coal, trees, good soil, fresh water
Economic Questions
The type of economy is determined by the three economic questions.
What to produce?
How to produce?
For whom to produce for?
Literacy rate
The percentage of people in a country that can read or write
Types of economic Systems
GDP
Gross Domestic Product
The total value of all the goods and services produced in a country in one year.
Currency
Money used in a particular country to buy goods and services.
Dollar, euro, peso
Specialization
Specializing in one product that is produced well. Countries often trade for products they need.
Full transcript