ECONMICS VOC

DEONTAVIOUS

DEFINITION

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.

noun: command economy; plural noun: command economies





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






  2. 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.













  1. A market is a group of buyers and sellers, where buyers determine the demand and sellers determine the supply, together with the means whereby they exchange their goods or services is called the market.


  2. A barter economy is a cashless economic system in which services and goods are traded at negotiated rates.

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

    "an embargo on grain sales


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

  5. tariff is a tax on imports or exports (an international trade tariff), or a list of prices for such things as rail service, bus routes, and electrical usage (electrical tariff, etc.)

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

  7. A barrier to trade is a government-imposed restraint on the flow of international goods or services. The most common barrier to trade is a tariff—a tax on imports. Tariffs raise the price of imported goods relative to domestic goods (goods produced at home).

  8. In finance and accounting, capital generally refers to financial wealth, especially that used to start or maintain a business. In classical economics, capital is one of three factors of production, the others being land and labor. Goods with the following features are capital:

  9. Human capital is the stock of knowledge, habits, social and personality attributes, including creativity, embodied in the ability to perform labor so as to produce economic value

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

  11. 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.

  12. DEFINITION of 'Gross Domestic Product - GDP' 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

  13. Standard of living refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area.

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

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

  16. an economic system combining private and public enterprise.

  17. In economics, a good is a material that satisfies human wants and provides utility, for example, to a consumer making a purchase. A common distinction is made between 'goods' that are tangible property (also called goods) and services, which are non-physical.

  18. In economics, a service is an intangible commodity. That is, services are an example of intangible economic goods. Service provision is often an economic activity where the buyer does not generally, except by exclusive contract, obtain exclusive ownership of the thing purchased.