Economics
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| Gross Domestic Product (GDP) | the total market value of all goods and services that are produced within a country, during a given period (usually one year)
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| natural resources | The non man-made materials used to make a product or provide a service. (minerals, forests, water, fertile land)
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| human capital | The skills,knowledge, time and energy of the people involved in making a product or providing a service.
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| Capital goods | Man made items like tools and factories used to produce a good or service.
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| entrepreneur | a person who organizes and operates a business or businesses
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| Wants | The desire or need for a product or service
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| goods | something you buy and consume
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| service | something that someone does for you
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| Scarcity | The absence of something that results from the conflict between unlimited wants and limited resources.
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| Traditional | Everyone works for the good of everyone else. Made up of units. "Primitive" by some standards.
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| Command | You have little say in economic decisions. You will do as you are told and you will like it or else! The government or central authority controls the F.O.P
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| Market | People have a major say in economic decisions. Most are motivated by the opportunity to make money.
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| Mixed | An economy that is a mixture of the three basic systems.
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| exports | goods sold to other countries
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| imports | goods purchased from other countries
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| trade barrier | anything that serves as an obstacle to trade
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| tariff | a tax on imported goods
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| quota | a limit on the amount of imported goods allowed into a country
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| embargo | government bans or blocks trade with another country
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To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Germaine11
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