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Economics Vocabulary. PASSWORD. Natural resources. Raw materials from nature used to produce goods. Can be renewable (has no limit, like the sun’s energy) or non-renewable (limited supply, as in oil). . HUMAN CAPITAL.
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Economics Vocabulary PASSWORD
Natural resources Raw materials from nature used toproduce goods. Can be renewable (has nolimit, like the sun’senergy) ornon-renewable (limitedsupply, as in oil).
HUMAN CAPITAL HUMAN RESOURCES USED TO PRODUCE GOODS AND SERVICES examples:manual labor- a worker builds a carmental labor- a worker designs an idea for a car
TRADITIONAL THIS SYSTEM REPEATS THE PAST Uses old-fashioned methods and machinery to produce and trade goods
THIS SYSTEM HAS NO GOVERNMENT INTERVENTIONALLOWS OWNERSHIP OF PRIVATE PROPERTY and BUSINESSES MARKET
COMMAND THE GOVERNMENT CONTROLS EVERYTHIG IN THIS SYSTEMSOMETIMES RESULTS IN LIMITED SUPPLY OF GOODSCAN SLOW DOWN AN ECONOMY (SLOW GROWTH)
HAS ELEMENTS OF COMMAND & MARKET SYSTEMS (COMMON IN EUROPE), ALSO CANADA AND CHINA MIXED SYSTEMS
Currency Money-coins and bills
TARIFF A TAX ON IMPORTED GOODS
3 economic questions What, how, and for whom to produce?
A PERSON WHO STARTS UP A COMPANY, TAKES THE RISKS ENTREPRENUER
QUOTA LIMITS ON THE QUANITY THAT CAN BE IMPORTED
EXPORTS GOODS LEAVING,OR EXITING A COUNTRY
GDP TOTAL VALUE OF ALL GOODS AND SERVICES PRODUCED IN A COUNTRY IN A YEAR
4 FACTORS OF ECONOMIC GROWTH NATURAL RESOURCES, CAPITAL GOODS, HUMAN CAPITAL, AND ENTREPRENEURSHIP
GOODS COMING INTO A COUNTRY IMPORTS
TRADE BARRIES THINGS THAT GET IN THE OF TWO NATIONS TRADING WITH EACH OTHER
EMBARGO BLOCKING GOODS FROM ENTERING A COUNTRY
GDP DIVIDED BY THE COUNTRY’S POPULATION PER CAPITAL GDP