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7th -Unit 1.5 M East

Economies - SS7E4, SS7E5, and SS7E6

TermDefinition
command economy An economy in which a government planning group makes most of the basic economic decisions for the workers.
market economy An economy in which a society's economic decisions are made by individuals who decide what to produce and what to buy.
traditional economy An economy in which most of the economic decisions that are made are based on customs and habits of the past.
mixed economy An economy that has characteristics of both market and command economic systems.
natural trade barriers Found in nature; examples include mountain ranges, deserts, rainforest, or lack of access to bodies of water.
political trade barriers Policies passed by a government to regulate trade.
quota A trade barrier that is a way of limiting the amount of foreign goods that can come into the country.
embargo A trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy.
tariff A trade barrier that is a tax placed on goods when they are brought into one country from another country.
currency Something that is assigned value and can be used to purchase goods and services in a market.
bartering A system of exchange where one good or service is given in return for another.
entrepreneur A person who risks money, time, ideas, and energy to start and run a business.
Gross Domestic Product (GDP) The total value of all the final goods and services produced within a nation in a given year.
specialization Those products a country makes best and that are in demand on the world market.
literacy rate The percentage of people (ages 15 and up) in a country that are able to read and write.
human capital The knowledge and skills that make it possible for workers to earn a living.
capital goods Factories, machines, technologies, buildings, and property needed for a business to operate.
OPEC Group of countries that export oil to other countries (Organization of Petroleum Exporting Countries).
Created by: manleyshms
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