economic systems of Europe vocabulary
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Created by:
mattyjfootball on December 21, 2011
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Social Studies
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28 terms
Terms | Definitions |
|---|---|
 economics | the science that deals with the production, distribution, and consumption of goods and services |
| standard of living | a measure of quality of life |
| goods | any object you can buy to satisfy a want |
| services | an action that meets a want |
| international trade | the exchange of capitol, goods, and services across international borders or territories |
| consumer | a person who buys products or services |
| currency | money used as a from of exchange |
| traditional economy | economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services |
| command economy | An economic system in which the government controls a country's economy. |
| market economy | An economic system in which people choose freely what to buy and sell |
| mixed economy | an economy that has features of traditional, command, and market systems(note: this is not an economic system, but a mix of more than one) |
| supply&demand | an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply) |
| scarcity | a term economists use to describe the conflict between people's desires and limited resources |
| trade barriers | physical or political restrictions on trade |
| tariffs | a government tax on imports or exports |
| quota | a set number, amount or portion |
| embargo | any restrictions placed on commerce by law |
| currency exchange | the changing of the economy, leading to creation of more jobs and more wealth |
| economic growth | steady growth in the productive capacity of the economy (and so a growth of national income) |
| capital | money, goods, or equipment used by business to produce other goods |
| human capital | The economic value of the knowledge, experience, skills, and capabilities of employees |
| capital goods | machines and tools used in the production of goods |
| investment | the outlay of money fro income or profit |
| gross domestic product | The sum total of the value of all the goods and services produced in a nation. |
| technology | tools and equipment made through scientific discoveries |
| natural resources | gifts of nature such as forests, fertile soil and water |
| entrepreneurship | a person who organizes, operates and assumes the risk for a business venture |
| literacy rate | The percentage of a country's people who can read and write. |
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