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GSE-Unit 3 Vocab #5
GSE-Unit 3 Vocabulary Review #5
| Term | Definition |
|---|---|
| bartering | a system of exchange whereby one good/service is given in return for another; bartering does not require monetary exchange (often found in traditional economies) |
| command economy | an economic model wherein government planners make all business and financial decisions (often found in communist countries)) |
| economic system | an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom |
| entrepreneurship | the capacity of private citizens to create new businesses independent of government direction or intervention |
| free enterprise | the creation, maintenance, and expansion of businesses outside the control or influence of the government. |
| market (or capitalist) economy | an economic model which the laws of supply and demand (not government oversight) determine what is produced/consumed and at what cost |
| production quota | the required amount of a specific good that must be produced in a given time-frame |
| subsistence | producing only what is necessary for personal use/survival (often found in traditional economies) |
| traditional economy | an economic model governed by custom, habit, and history |
| wage | term for one’s financial earnings |
| economic continuum | a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100) |
| mixed economy | term used to describe the market/command blending of all modern world economies |
| Brexit | 2016 referendum whereupon most British citizens voted for the U.K. to withdraw from the European Union; Brexit is a contracted form of “British exit [from the E.U.]” |
| domestic | term which refers to the products of services originating in one’s own country; it is the antonym of foreign |
| Eurozone | European Union member nations who use the euro as their common currency |
| GDP per capita | the average annual income of a nation’s citizens; per capita is Latin for “by each head” |
| gross domestic product (GDP) | the estimated total value of all the final goods and services produced in a nation in a year’s time. |
| subsidization | money granted by the government to assist a business or industry in lowering the cost of its product/service |
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kiragodwin
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