ECONOMY VOCABULARY

BY:NAIJA GORDON

MARKET ECONOMY, TRADITIONAL ECONOMY, MARKET, BARTER, EMBARGO, AND TARIFF

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.A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates. Countries that use this type of economic system are often rural and farm-based.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.

exchange (goods or services) for other goods or services without using money.

"he often bartered a meal for drawings"

an official ban on trade or other commercial activity with a particular country.

a tax or duty to be paid on a particular class of imports or exports

COMMAND ECONOMY, QUOTA, TRADE BARRIER, CAPITAL, HUMAN CAPITAL, CAPITAL GOODS, FACTORS OF PRODUCTION, GROSS DOMESTIC PRODUCT, STANDARD OF LIVNG, LITERACY RATE, MEDIUM OF EXCHANGE, MIXED ECONOMY, GOODS, AND SERVICES

an economy in which production, investment, prices, and incomes are determined centrally by a government.

a limited quantity of a particular product that under official controls can be produced, exported, or imported.Trade barriers are measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services. Not everything that prevents or restricts trade can be characterised as a trade barrier.

the part of a financial system concerned with raising capital by dealing in shares, bonds, and other long-term investments.

the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

goods that are used in producing other goods, rather than being bought by consumers.DEFINITION of 'Factors Of Production' An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, capital and entrepreneurship.

the total value of goods produced and services provided in a country during one year.

the degree of wealth and material comfort available to a person or community.This entry includes a definition of literacy and Census Bureau percentages for the total population, males, and females. There are no universal definitions and standards of literacy. Unless otherwise specified, all rates are based on the most common definition - the ability to read and write at a specified age.A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system.

an economic system combining private and public enterprise.Trade involves the transfer of the ownership of goods or services from one person or entity to another in exchange for other goods or services or for money.

the action of helping or doing work for someone.

NAIJA