Ecomomics Voc.

by: Armoni Evans

MARKET ECONOMY

a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand.

COMMAND ECONOMY

a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned.

TRADITIONAL ECONOMY

It is based on agriculture, fishing, hunting, gathering or some combination of the above.

MARKET

A place that sells goods example walmart

BARTER

to trade by exchange of commodities rather than by the use of money

EMBARGO

an order of a government prohibiting the movement of merchant ships into or out of its ports.

TARRIFF

an official list or table showing the duties or customs imposed by a government on imports or exports.

QUOTA

the share or proportional part of a total that is required from, or is due or belongs to, a particular district, state, person, group, etc.

TRADE BARRIER

any regulation or policy that restricts international trade, especially tariffs, quotas, etc.

CAPITAL

the city or town that is the official seat of government in a country, state, etc.: example atlanta

HUMAN CAPITAL

the collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community:

CAPITAL GOODS

goods that are themselves utilized in the production of other goods rather than being sold to 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.

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 level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area.

LITERACY RATE

audio pronuncation and more for literacy rate: the percentage of people who are able to read and write See more in American English ...

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

Merchandise ex:watches

services

an act of helpful activity example:helping a person