Vocabulary
the process of manufacturing or growing something
What is production
the government decides what to produce and sets the price
What is command economy
the knowledge (education), training and skills that make it possible for workers to earn a living producing goods and services
What is human capital
sets a specific amount or number of a particular product that can be imported or acquired in a given period.
What is quota
What does GDP stand for?
What is gross domestic product
the production, distribution, and consumption of goods and services
What is an economic system
customs and culture determines how goods and services are produced. People do things the way they always have.
What is traditional economy
determined by taking the total value of all finished goods and services produced by a country in a single year.
What is GDP
a tax placed in goods when they are brought (imported) into one country from another country
What is tariff
the number of people who can read and write is called
What is literacy rate
the use of goods and services
What is consumption
resources are owned by individuals, supply and demand determine price of goods and services.
What is market economy
factories, machines, and technology that people use to make other goods
What is physical capital or capital goods
forbid trade with another country
What is embargo
Entrepreneurship can be starting your own business, inventing something new and changing the way something was previously done so that it works better. Is this a true or false statement?
What is true
the delivery of products to various places
What is distribution
combines elements of all three economic systems and/or market + command=
What is mixed economy
willing to risk their own money to produce these new goods and services in the hope that they will earn a profit
What is entrepreneurs
occurs when one country can produce a good or service at a lower opportunity cost than another
What is specialization
materials and substances that occur in nature and can be used for economic gain
What is natural resources
the choices we make about how to use limited resources to produce goods and services that meet our unlimited wants and needs.
What is economics
Command economy is sometimes called
What is communism
being able to produce more goods for sale in a quicker and more efficient way leads to economic growth and greater profit. Hint: what two terms explain this relationship
What is physical goods and GDP
name three (3) factors that encourage and/or hinder trade
quota, embargo, tariff, and/or specialization
If you can read, you can learn. If you can learn, you can improve your work skills, and get a better job that pays a better salary. If you have a better salary, you can improve your ...
What is standard of living