By: Paree bhakta for: mrs.o’grady

Economic Vocabulary By: Pareebhaktafor: mrs.o’grady

Currency Money-coins and bills

TARIFF A TAX ON IMPORTED GOODS

Natural resources Gifts of nature, present without human intervention

3 economic questions What, how, and for whom to produce

CONTINUUM A LINE ON WHICH POSITIONS ARE PLOTTED

ENTREPRENUER A PERSON WHO STARTS UP A COMPANY, TAKES THE RISKS

QUOTA LIMITS ON THE QUANITY THAT CAN BE IMPORTED

COMMAND THE GOVERNMENT CONTROLS EVERYTHIG IN THIS SYSTEM

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

HUMAN CAPITAL HUMAN EFFORT, LIKE EDUCATION, DIRECTED TOWARD PRODUCTING GOODS AND SERVICES

MIXED SYSTEMS HAS ELEMENTS OF COMMAND & MARKET SYSTEMS

IMPORTS GOODS COMIG INTO A COUNTRY

TRADITIONAL THIS SYSTEM REPEATS THE PAST

TRADE BARRIES THINGS THAT GET IN THE OF TWO NATIONS TRADING WITH EACH OTHER

EMBARGO BLOCKING GOODS FROM ENTERING A COUNTRY

MARKET THIS SYSTEM HAS NO GOVERNMENT INTERVENTION

PER CAPITAL GDP GDP DIVIDED BY THE COUNTRY’S POPULATION

THE END