Something that prevents trade, examples: tariff, quota, embargo, geography (geography that prevents
easy trade, like mountains, oceans, etc.)
trade barriers
100
Something people exchange for goods or services
currency
100
an official ban on trade with a particular country mostly for political reasons
embargo
100
the total market value of the goods and services produced by that country in a specific year
GDP (Gross Domestic Product)
100
a limit on the amount of products allowed from other countries
quota
200
the production, consumption, and distribution of goods and services
economy
200
someone who has an idea for a good or service and takes the risks to produce it
entrepreneur
200
an economy where private citizens or groups of citizens own businesses. Citizens are free to develop many different types of businesses, so people have a wide variety of jobs, goods, and services.
market economy
200
an economy where people use the same work methods and tools generation after generation. Citizens make or grow what they need to survive. If they have a surplus (more than they need) they may barter for other goods or services.
traditional economy
200
An economy where the government owns the country’s resources and businesses. The government decides what
goods should be produced and what services will be available.
command economy
300
What are products, items, and machines a business needs to run & succeed?
capital (goods or resources)
300
a tax on imported and exported goods
tariff
300
Some businesses are government owned and others are privately owned by citizens. If a countries economy lies more toward the market than the command side of the economic continuum, it is considered a _______________.
mixed market
300
a person who has skills for a job; a worker or employee
human capital or human resource
300
the single currency, or money, of the European Union
euro
400
The way a society answers these questions determines
its economic system.
WHAT to produce?
HOW to produce?
FOR WHOM to produce?
400
when a country uses its resources and skill to produce goods efficiently
specialization
400
the percentage of people, of a certain age, in a country that can read and write
literacy rate
400
money that is borrowed; receiving a good or service now and paying for it later
credit
400
what one country's currency is worth when compared to another country's currency
currency exchange rate
500
the value of what is given up when a choice is made; the difference in the amount of time and effort to make one thing instead of another
opportunity cost
500
when a governing body spends more money than it brings in
deficit
500
to spend money in the hopes of earning more than is spent
invest
500
when prices increase over time
inflation
500
interest computed on accumulated interest as well as on the original money deposited