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* Cook 10 Econ $$
* Cook Unit 10 Economic Terms & Personal Finances
| Question | Answer |
|---|---|
| Capital Resources | Resources made and used to produce and distribute goods and services; examples include tools, machinery, and buildings |
| Natural Resources | "Gifts of nature" that can be used to produce goods and services; for example,oceans,air,mineral deposits, forests and actual fields of land. |
| Command Economy | An economy in which most economic issues of production and distribution are resolved through central planning and control (government involvement) |
| Currency | The money in circulation in any country. |
| Quotas | In international trade,the limit on the quantity of a product that may be imported or exported,established by government laws or regulations. A country will only accept a certain amount of imports. |
| Entrepreneur | one who draws upon his or her skills and initiative to launch a new business venture with the aim of earning a profit. Often a risk-taker,inclined to see opportunity when others do not. |
| Specialization | A situation in which people produce a narrower range of goods and services than they consumes. This increases productivity;it also requires trade and increases interdependence. |
| Exchange Rate | The Price of one nation's currency in terms of another nation's currency. |
| Tariff | A tax on imported goods or services. |
| Human Resource | The health, education, experience,training, skills, and values of people. Also known as human capital. The people have the right skill level for the work. |
| Trade | Voluntary exchange of goods and services for money or other goods and services. You pay for products or services received. |
| Market Economy | An economy that relies on a system of interdependent market prices to allocate goods,services,and productive resources and to coordinate the diverse plans of consumers and produces all of them pursuing their own self-interest. Buyers and sellers decide. |
| Traditional Economy | An economy in which customs and habits from the past are used to resolve most economic issues of production and distribution. Rare - example: trading for beaver skins. |
| Entrepreneurship | A characteristic of people who assume the risk of organizing productive resources to produce goods and services; a resource. |
| Embargo | a government order stopping trade with another country to put pressure on the government of that other country. |
| income | money coming in for a person or into a business; the amount of money received for labor, for services, from the sale of goods or property, or from investments. |
| spending | Money used to purchase things you need or want. |
| credit | money borrowed; get something now and pay later, usually at a higher rate. |
| saving | to put aside money for a later use; money not spent |
| investing | when you allow businesses to use part of your money in return for interest or a share of their profits (the money the business makes) |
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kcook
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