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SE Asia Econ Vocab
Term | Definition |
---|---|
Bartering | Trading without using money |
Traditional Economy | All economic decisions are based on customs and habits of the past |
Command Economy | ALL economic decisions are made by the government |
Market Economy | Economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the market place. |
Mixed Economy | When a country has characteristics of both Command and Market economies |
GDP/Gross Domestic Product | Total value of of all the goods and services produced in a country in one year. |
Natural Resources | Gifts of Nature |
Capital Goods | Factories, machines, technology, building, and property needed by businesses to operate |
Human Capital | Education, training, skills, and healthcare of the workers in a business or country |
Entrepreneur | Person who provides the money to start and operate a business |
Four Modernizations | The Chinese economic plan that has led to excellent growth in China's economy. |
Literacy rate | Amount of people over the age of 15 in country that can read and write. |
Specialization | Countries specialize in producing those goods and services they can provide best and most efficiently |
Quota | Limit to the amount of goods that can be brought into a country |
Tariff | Tax on imports |
Embargo | A halt to trade with a particular country for economic or political reasons. |
Currency | Money |
Green Revolution | India's unsuccessful governmental efforts to modernize Indian agriculture in the 1960s |
Special Economic Zones | These 4 zones were established in provinces along the eastern coast of China to act as trade centers for global trade |
Arable | Land that is suitable for farming |
Sanctions |