economic decisions based on custom and how decisions were made in the past
Traditional Economy
100
Gross Domestic Product
the total value of all goods and services produced by a country in a single year.
100
Trade Barriers
anything that slows down or prevents one country from exchanging goods with another country.
100
an economy that has characteristics of both market and command economic systems
Mixed Economy
100
Capital Goods
the factories, machines, and technology that people use to make other goods.
200
one country announces that it will no longer trade with another country.
Embargo
200
Traditional Economy
economic decisions based on custom and how decisions were made in the past
200
a tax placed on goods when they are brought (imported) into one country from another country.
Tariff
200
anything that slows down or prevents one country from exchanging goods with another country.
Trade Barriers
200
Tariff
-a tax placed on goods when they are brought (imported) into one country from another country.
300
products a country makes best and that are in demand on the world market is a way to build profitable economy and to earn money to buy items that cannot be made locally.
Specialization
300
Entrepreneur
a person who organizes and operates a business or businesses.
300
Embargo
one country announces that it will no longer trade with another country.
300
something that is used as a medium of exchange or trade.
Currency
300
Market Economy
individuals who decide what to produce and what to buy
400
a system of changing one type of currency to another.
Exchange Rate
400
Specialization
products a country makes best and that are in demand on the world market is a way to build profitable economy and to earn money to buy items that cannot be made locally.
400
Exchange Rate
a system of changing one type of currency to another.
400
government planning group makes most economic decisions
Command Economy
400
Investment
to put money to use in something offering potential profitable returns, as interest, income, or appreciation in value.
500
individuals who decide what to produce and what to buy
Market Economy
500
Command Economy
government planning group makes most economic decisions
500
limiting the amount of foreign goods that can come into a country.
Quota
500
the knowledge and skills that make it possible for workers to earn a living producing goods or services.
Human Capital
500
Mixed Economy
an economy that has characteristics of both market and command economic systems