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Market Economy
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Command Economy
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Unit 5/10

Economics

QuestionAnswer
Market Economy Supply and demand determine which products are produced, how are they produced, and for whom they are produced
Command Economy Government planners decided which goods to produce, how to produce them, and for whom to produce
Traditional Economy Traditions and cultural beliefs determine which goods are made, how they are made, and for whom they are made
Mixed Economy An economy that has aspects of market, traditional, and command economies present
Specialization When a country focuses on producing the items they can make easily and trade for the things they need
Trade Barriers Anything that makes trade more difficult; can be physical or economic
Physical Trade Barriers Any type of physical feature, like deserts or mountains, that make trade more difficult
Tariff A type of trade barrier where a country places a tax on imported goods
Quota A type of trade barrier where the amount of imported goods from a country is limited
Embargo A type of trade barrier where a country refuses to trade with another country; this is politically driven and only the President can make this decision
Human Capital The value of a person's skills and education
Capital Goods Goods that are used to make other goods (Examples: machinery, factories, tools)
GDP Gross Domestic Product (GDP) is the total value of the goods and services produced within a country in a year
Natural Resources A material that occurs in nature, raw materials (Examples: lumber, fossil fuels, minerals)
Entrepreneurship A person that takes a risk with his/her personal money to open a new business or provide a service
Export Goods that are produced in a country and shipped to other countries
Import Goods that brought into a country from another country
Economics the study of making, buying, and selling of goods and services
currency money circulated in a country used to purchase goods and services
supply the amount of good you have in stock
demand how much a good or service is wanted by consumers
Created by: KimberleyAWELCH
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