economics

kayla carter

market economic

market economy - a economy in which prices and wages are determined mainly by supply and demand ,rather than be regulated by the government examples:The United States. A market economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.

command economy

command economy -an economy in which production, investment, prices, and incomes are determined centrally by a government example:China, Cuba, North Korea A command economy where government make decision, or a planned economy, is an economic system where the main economic decisions .

traditional economy

traditional economy - An economic system in which economic decisions are made based on customs, beliefs, religion and habits. examples:The Inuit tribe of northern Canada.Traditional economies may be based on custom and tradition or command.

market

market-A public gathering held for buying and selling goods or services.example:dollar general.market is a shop people can buy from.

barter economy

A barter economy is an economy that lacks a commonly accepted currency, so all exchanges must be made with goods and services because money does not exist in these economies.for example ,womens working together.To barter means to trade goods directly rather than through the medium of money.

embargo

embargo-an order of a government prohibiting the movement of merchant ships into or out of its ports.for instance, If the US ordered no Merchant Vessels from Great Britain would be allowed into any US ports; that would be an embargo against England.embargo is a order from the gvernment

tariff

tariff-a tax or duty to be paid on a particular class of imports or exports.For example, Company XYZ produces cheese in Scotland and exports the cheese, which costs $100 per pound, to the United States.A tax imposed on imported goods and services. Tariffs are used to restrict trade, as they increase the price of imported goods and services, making them more expensive to consumers.

Quota

in international trade, government-imposed limit on the quantity, or in exceptional cases the value, of the goods or services that may be exported or imported over a specified period of time.For example,New Zealand .Quotas are more effective in restricting trade than tariffs, particularly if domestic demand for a commodity is not sensitive to increases in price. Because the effects of quotas cannot be offset by depreciation of the foreign currency or by an export subsidy, quotas may be more disturbing to the international trade mechanism than tariffs.

trade barrier

something such as a tariff or boycott that a nation imposes to limit or burden trade.for example,united states.Most trade barriers work on the same principle: the imposition of some sort of cost on trade that raises the price of the traded products

capital

Capital is a type of good that can be consumed now, but if consumption is deferred an increased supply of consumable goods will be available later.for example,." Capital is derived from the Latin word "caput" meaning head, as in "head of cattle". The term "stock" is derived from the Old English word for stump or tree trunk, i.e. something that grows over time.in economics, the elements of production from which an income is derived, usually defined with the exception of land and labor.

human capital

A measure of the economic value of an employee's skill set. This measure builds on the basic production input of labor measure where all labor is thought to be equal. The concept of human capital recognizes that not all labor is equal and that the quality of employees can be improved by investing in them

capital goods

goods that are used in producing other goods, rather than being bought by consumers. Often contrasted with consumer goods.are also known collectively as primary factors of production. Capital goods are generally considered one-of-a-kind, capital intensive products that consist of many components. They are often used as manufacturing systems or services themselves.

factor of production

In economics, factors of production, resources, or inputs are what is used in the production process in order to produce output—that is, finished goods.for example,land, labour, capital and entrepreneur. are the resources used by a company to produce goods and services. The universally recognized factors of production include land, labor, and capital. Some scholars include enterprise - entrepreneurship - as a fourth factor, while many argue that it should fall under labor

gross domestic product

Gross domestic product is defined by the Organisation for Economic Co-operation and Development as "an aggregate measure of production equal to the sum of the gross values added of all resident, institutional units engaged in production.for examples,united states.GDP estimates are commonly used to measure the economic performance of a whole country or region, but can also measure the relative contribution of an industry sector

standard of living

the degree of wealth and material comfort available to a person or community.for example,canada,The standard of living includes factors such as income, quality and availability of employment, class disparity, poverty rate, quality and affordability of housing, people, hours of work required to purchase necessities, gross domestic product, inflation rate, number of holiday days per year, affordable access to quality healthcare, quality and availability of education, life expectancy, incidence of disease, cost of goods and services, infrastructure, national economic growth, economic and political stability, political and religious freedom, environmental quality, climate and safety. The standard of living is closely related to quality of life.

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