26 terms

Economy Vocab Quiz 2

STUDY
PLAY

Terms in this set (...)

human capital
the value that people bring to the marketplace
supply
the amount of a product that is available for people to purchase
producer
a person who makes goods or provides services
euro
the currency countries of the european union use as value
renewable
resources which cannot be used up or can be replaced naturally or grown again ( wind, sun, forests, plants, grasslands, soil)
interest
money that is paid on a loan by the borrower for the use of that money
gross domestic product
total amount of goods and services produced in a country
employee
a person who is hired by someone else to do a job
opportunity cost
the things you give up when making a choice between two things
nonrenewable
resources the earth has limited supplies of and cannot be replaced ( coal, oil, natural gas, nuclear energy)
mercantilism
a theory that suggests a nation will become stronger if the government controls the nations economy
import
goods purchased from other countries ( goods brought in)
tariff
a tax on trade
recession
times when people are out of work and business
exports
goods that a nation sells to other countries ( goods sent out)
quota
a trade barrier that places a limit on the amounts of imports allowed into a country
investor
someone who puts money into a business hoping to make a profit
embargo
a stop on trade; when a country refuses to do business or trade with another country
competition
a contest between businesses or people to get the most customers or the best price
free trade
freedom to have international exchanges
Cuba
A country that has a command economy
European Union
international organization designed to integrate cooperation among countries economically and politically
economic questions
What to produce, how to produce it, and for whom to produce
exchange rate
the measure at which different countries measure currency; the value of money varies daily in each country
currency
a form of money in circulation that has value in a country
specialization
an efficient way to work which causes the cost of a good to be lower; increases trade because a country can get what it needs at the lowest cost