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Economics Terms

Terms in this set (18)

public business
Businesses owned by the government. Examples: schools, police stations.
private business
A business owned by citizens personally.
Literacy Rate
The percentage of a country's people who can read and write.
economy
A system for producing and distributing goods, and services to fulfill people's wants
command economy
An economy where the government owns/controls the country's resources and businesses.
market economy
An economy where private citizens or groups of citizens own/control resources and businesses.
mixed economy
Some resources and businesses are public (owned by government) and others are private (owned by citizens)
Traditional Economy
An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
trade barriers
Taxes, quotas, and other restrictions on goods entering or leaving a country.
Tariff
A tax that the government puts on imported or exported goods; Makes trade more expensive
Embargo
an official ban on trade with a particular country.
Quota
a restriction placed on the amount of a product allowed to enter or leave a country
human capital
A person who has skills for a job ;A worker or employee
capital goods
Buildings, machines, technology, and tools needed to produce goods and services.
Entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Gross Domestic Product (GDP)
A measurement of the total goods and services produced within a country.
continuum
A scale that measures the economic freedom of a country.
currency
Something people exchange for goods or services
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