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Terms in this set (23)
the total value of all goods and services produced in a country in a year
what is gross domestic product?
resources are ____________ (hint: starts with "l")
gross domestic product
what does gdp stand for?
all of the things found in or on the earth
what are natural resources?
all of the skills, talents, education, and abilities that human workers possess- and the value they bring to the market place
what is human capital?
all of the goods that are produced in the country and then used to make other goods and services
what are capital goods?
someone who provides money to start a business
what is an entrepreneur?
by the GDP
how is economic growth in a country measured?
scarcity (hint: starts with an s)
what is the root of economics?
the limited supply of something
what is scarcity?
plan to use limited resources
what is an economic system?
command, market, mixed, and traditional
what are the 4 economic systems?
how do people exchange goods and services in a traditional economy?
who makes all economic decisions in a command economy?
an economic system where economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the market place
what is a market economy?
there a no food/medicine safety laws and there are no laws to protect workers
why is a market economy not always good?
competition between companies
what is free enterprise?
a mix of command and market economies
what is a mixed economy?
are there any pure command/market economies?
a complete ban on trade (usually for political reasons)
what is an embargo?
tax placed on imported goods
what is a tariff?
the percentage of people over the age of 15 who can read and write
what does literacy rate mean?
a limit on the number of goods that can be imported
what is a quota?
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