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Economics in Europe Vocabulary
Terms in this set (20)
the way a nation uses its resources to satisfy people's needs and wants
the economic problem of having unlimited human wants in a world of limited resources
Traditional Economic System
an econmoic system in which social roles and culture determine how goods are made, sold and bought
Market Economic System
an economic system based on individual choices and voluntary trade.
Command Economic System
an economic system in which the government owns some or all of the factors of production
an economy that has features of more than one of the economic systems.
any law or practice that a government uses to limit free trade between countries.
a type of trade barrier in which a government places restrictions on the import or export of certain goods and often backed by military force.
a limit on the amount of a product that may be imported during a given period of time.
a fee charged for goods or services brought into a state or country from another state or country.
Free Trade Zone
an exchange of goods without the use of tariffs or quotas within a certain boundary (European Union).
money in any form that is accepted as a medium of exchange, but especially paper money.
the amount of one currency that can be purchased for a given unit of another.
resources such as factories, machinery and tools that people use to make other goods,
the knowledge and skills that allow workers to produce goods and services and earn an income.
Standard of Living
the level of wealth, comfort, material goods and necessities available in a certain area.
the ability to read and write at a specified age in a country.
Gross Domestic Product (GDP)
the monetary value of all the finished goods and services produced within a country's borders.
raw materials that are used to support life and make goods.
someone who brings together land, labor and capital goods to produce goods and services.
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Study guide vocab terms October 8, 2015