Economics
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| Market Economy | Supply and demand determine which products are produced, how are they produced, and for whom they are produced
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| Command Economy | Government planners decided which goods to produce, how to produce them, and for whom to produce
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| Traditional Economy | Traditions and cultural beliefs determine which goods are made, how they are made, and for whom they are made
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| Mixed Economy | An economy that has aspects of market, traditional, and command economies present
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| Specialization | When a country focuses on producing the items they can make easily and trade for the things they need
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| Trade Barriers | Anything that makes trade more difficult; can be physical or economic
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| Physical Trade Barriers | Any type of physical feature, like deserts or mountains, that make trade more difficult
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| Tariff | A type of trade barrier where a country places a tax on imported goods
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| Quota | A type of trade barrier where the amount of imported goods from a country is limited
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| Embargo | A type of trade barrier where a country refuses to trade with another country; this is politically driven and only the President can make this decision
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| Human Capital | The value of a person's skills and education
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| Capital Goods | Goods that are used to make other goods (Examples: machinery, factories, tools)
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| GDP | Gross Domestic Product (GDP) is the total value of the goods and services produced within a country in a year
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| Natural Resources | A material that occurs in nature, raw materials
(Examples: lumber, fossil fuels, minerals)
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| Entrepreneurship | A person that takes a risk with his/her personal money to open a new business or provide a service
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| Export | Goods that are produced in a country and shipped to other countries
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| Import | Goods that brought into a country from another country
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| Economics | the study of making, buying, and selling of goods and services
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| currency | money circulated in a country used to purchase goods and services
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| supply | the amount of good you have in stock
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| demand | how much a good or service is wanted by consumers
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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:
KimberleyAWELCH
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