Europe Economy Vocab
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| traditional economy | an economic system that relies on fishing, farming, hunting and gathering; guided by traditions ; bartering instead of money
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| economic system | an economic model used by governments to determine what should be produced/provided in terms of goods and services
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| command economy | an economic model where government planners make all business and financial decisions
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| market economy | an economic model in which the laws of supply and demand determine what is produced/consumed and at what cost
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| barterring | a system of exchange whereby onegoodservice is given in retrun for another and bartering doesnt require monetary exchange
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| capital goods | the factories,machinery, technology, that are necessary to sustain a service or industry
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| specialization | focusing on a narrow range of products/services that can be produced most efficiently and cost effectively
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| literacy rate | the percent of a nation's population over that age of 15 that are able to read and write
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| standard of living | the level of wealth and material comfort available to all people
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| trade barrier | any government restriction on international trade
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| quota | a limit on the number of imports allowed into a country.
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| embargo | a government order stopping trade with another country.
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| tariff | a government tax on imports.
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| european union | economic and political union of 28 European Nations
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| mixed economy | an economic system that blends characteristics of command and market economies
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| euro- | common currency of most European union members; those E.U. Nations currently using the euro are referred to collectively as the Eurozone.
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| industry | the process of making products by using machinery and factories.
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| gross domestic product (GDP) | the total value of all the goods and services produced in a country in one year.
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| human capital | the quality of human resources; workers.
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| entrepreneur | someone who starts and runs a business.
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