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Transcript
Economics
The study of how people manage
their resources by producing,
exchanging, and using goods and
services
Command Economy
Economic system in which the
government decides what will be
produced, how it will be
produced and how it will be
distributed.
Entrepreneur
Bringing together natural,
capital, and human resources;
and taking risks to develop
businesses.
Import
A product brought into a
country through trade or
sale
Export
A product leaving a country
through trade or sale
Trade
Voluntary exchange of products
and services
GDP = Gross Domestic Product
The amount of products
and services produced in
one country in one year
Human capital
Labor that is done by
people in order to produce
products
Currency
Money
Embargo
Cutting off trade to a
certain country because of
political reasons
Natural Resources
Raw materials used to
make products or “gifts of
nature”
Tariff
Tax on imports
Capital Goods
The machines, tools,
factories, land, and
technology that are needed
to make other products
Market Economy
Economic system in which the
people decide what will be
produced, how it will be
produced and how it will be
distributed.
Mixed Economy
Economic system in which the
government and people share
the role in deciding what will be
produced, how it will be
produced and how it will be
distributed
Quota
Limiting the amount of
products that can come
into a country
Exchange Rate
The rate at which one unit of
the currency of a country can
be traded for a unit of the
currency of another country.
Trade barriers
Governmental policies that
restrict, the entry of
products into a country.
Specialization
When a country focuses
resources on creating fewer
specific products and services
than they consume.
Traditional Economy
Economic system in which social
roles and culture decide what will
be produced, how it will be
produced, and how it will be
distributed.