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Economics
Economic Terms for Europe Unit
| Term | Definition |
|---|---|
| Traditional | A type of system that is based on customs and beliefs. No currency is used. Indigenous groups like the Inuit would have this type of system. They do not use money. |
| Market | A system where private businesses make the economic decisions. It based on supply and demand. |
| Command | A system where the government makes economic decisions. Communist countries have this type of system. |
| Mixed | Both government and private businesses make economic decisions. All democratic countries have this type of system. |
| Entrepreneur | Someone who takes a risk by starting a new business |
| Import | Goods going into a country. |
| Export | Goods going out of a country |
| Physical Trade Barrier | Physical features like mountains or deserts that make trade more difficult. |
| Economic Trade Barriers | Political barriers like quotas, tariffs, blockades, or embargo |
| Embargo | When one country refuses to trade with another country. |
| Blockade | When a country uses its military to surround a country and does not allow goods in or out. |
| Quota | a limit on the amount of goods traded |
| Tariff | a tax placed on imported goods |
| scarcity | Not having enough resources |
| currency exchange | Having to change money in order to trade with a country that does not use the same money as you do. |
| GDP | The total number of goods and services produced in a country |
| Producer | someone that makes a product |
| Consumer | Someone that buys a product |
| Standard of Living | The overall well-being of a nation (Healthy and Wealthy). If literacy rate is high, this is also high. |
| Literacy Rate | The percentage of people that can read or write. The higher it is the higher the standard of living is. |
| Capital Goods | Tools, machines, technology, factories and building used to make a product. Investment in capital goods increase the GDP. |
| Human Capital | People and their skills. Investing in people by educating them also increases the GDP. |
| European Union | A confederation of nations that work together to solve common economic problems. Most members use the Euro as its currency which makes trade easier. They also have free trade which means members do not pay tariffs. |
Created by:
mary.gilmour
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