1-6
comand econamy
government has all power
voluntary trade
both people benefit
Quota
A limit on the amout you can ship.
GDP per capita
each persons yearly spending.
parliamentary democracy
people vote for someone who chooses a leader.
market economy.
supply and demand are more important than government when it comes to what is being sold.
embargo
u cant trade with this country -prez
standard of living
level of how good there house is.
entrepreneurship
private citizens creating a new business independent of the government.
presidential democracy
vote for the president
mixed economy.
market and economics work together.
tariff
taxing import export companies
capital goods
the things you need to do your job.
currency exchange.
turning the amount one money equals, and turning it into an equivalent of another (us dollars into euros.)
head of state.
leader of a state, not that much power.
economic continuum
a scale from, all command (0) to all market (100)
trade barrier.
doing something that stops u from trading with another country
human capital
health of your labor force.
democracy.
the citizens have power too.
head of goverment.
man in charge.
specialization
specialization means you sell 1 thing
Literacy Rate
The amount of people over 15 who can read
GDP
the value of all the things you did to make money in a year.
autocracy
one person has power.
chef executive.
has most power in the nation.