ECONOMICS VOC

MICHELLE WIDGEON

COMMAND ECONOMY

A system where the government rather than the free market, determines what goods should be produced how much should be produced and the price at which the goods will be offered for sale. EX China, Cuba , North Korea

TRADITIONAL ECONOMY

Is an original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates. EX rural and farm based

MARKET

advertise or promote EX sell, retail, vend, merchandise, trade,

BARTER

Exchange for other goods or services without using money. ex trade, swap, exchange, sell

EMBARGO

Impose an official ban on (trade or a country) ex If the US ordered no Merchant Vessels from Great Britain would be allowed into any US ports; that would be an embargo against England. Or a restriction for importing goods from or to Honduras.

TARIFF

fix the price of (something) according to a tariff. ex If the US ordered no Merchant Vessels from Great Britain would be allowed into any US ports; that would be an embargo against England. Or a restriction for importing goods from or to Honduras.

QUOTA

a limited quantity of a particular product that under official controls can be produced, exported, or imported.

TRADE BARRIER

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

CAPITAL

the most important city or town of a country or region, usually its seat of government and administrative center. ex In Economics, Countries, States, and Cities, Investment Banking

HUMAN CAPITAL

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

CAPITAL GOODS

  1. goods that are used in producing other goods, rather than being bought by consumers.

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.

GROSS DOMESTIC PRODUCT

The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis.

STANDARD OF LIVING

the degree of wealth and material comfort available to a person or community.

LITERACY RATE

Adult literacy rate - Percentage of persons aged 15 and over who can read and write.

MEDIUM OF EXCHANGE

A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system.

MIXED ECONOMY

an economic system combining private and public enterprise.

GOODS

benefit or advantage to someone or something

benefit, advantage, profit, gain, interest, welfare, well-being

SERVICES

perform routine maintenance or repair work on (a vehicle or machine).

MARKET ECONOMY

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.