Ecomonics - The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
Command Economy - Economy in which business activities and allocation of resources are determined by government order rather than market forces .
Market Economy - An economy in which the greater part of production, distribution and exchange is controlled by individuals and privately owned corporation rather than by the government.
Traditional Economy - An economy where social roles and culture determine how goods and services are
produced. A system in which people grow their own food and make their own goods.
produced. A system in which people grow their own food and make their own goods.
Import-Bringing goods or services into a country from another country for sale.
Mixed Economy - An economy which as elements of both public and private enterprise.
Pure Market Economy-An economic system in which the government plays no role.
Single Product Economy-—A country that relies on one or very small number of products (usually raw materials) for its export earnings.
NAFTA - The North American Free Trade Agreement was signed in 1994 by the united States, Canada and Mexico. It eliminated or got rid of tariffs (taxes) to make trade easier between the 3 countries.
Export - When one country sends goods or services to another country for sale.
Trade - The act of buying and selling goods and services.
Scarcity - A term economists use to describe the conflict between people’s desires and limited resources.
Barrier - An obstacle that prevents communication or that keeps people or things apart.
Supply and Demand - An economic concept that stated that the price of a good rise of falls depending on how many people want it (demand) and depending on how much of the good is
available (supply).
available (supply).
Tariff - A fee imposed by a government to imported or exported goods.
Capitalism - An economic and political system in which a country's trade and industry are controlled by private owners for profit.
America is a captitalistic society, and the game Monopoly is a good example of how capitalism works.
America is a captitalistic society, and the game Monopoly is a good example of how capitalism works.
Distribution - The process of moving products to a market.
Gross Domestic Product - The total value of all goods and services produced domestically by a nation during a year.
Specialization - The division of labor; work is divided into parts for worker, factories of countries to become expert at producing certain goods.
Currency - Money used in a particular country to buy and sell goods.
Embargo - A government order stopping trade with another country to put pressure on the government of that country. Which result in various forms of shortages in the country that has the embargo placed on them.
Physical Capitol - Factories, machines, technologies, buildings, and property needed for a business.
Human Capitol-—Workers of a business or country including their education, training, skills, and health.
Enterepreneur-One who risks his or her own money, time, ideas, and energy to start and run a business.
Quota-—In a centralized command economy, being told by government what and how much to produce in a certain time. A limit placed on the number of imports that may enter a country.
An example of quota is like meeting a goal are hitting a target number of goods or services.
An example of quota is like meeting a goal are hitting a target number of goods or services.
Expense-The cost related to running a business.
Income-Money paid to a person for a job that is done or money coming into a business for services.
Profit-Money left after business expenses are subtracted from business income.
Standard of Living-This is the level of comfort, materials goods and necessities available to individuals within a given country.