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15 Cards in this Set
- Front
- Back
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LITERACY RATE
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THE PEOPLE IN A COUNTRY(OVER THE AGE OF 15) THAT CAN READ AND WRITE.
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FREE ENTERPRISE
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COMPETITION BETWEEN BUSINESSES; ONLY FOUND IN MARKET AND MIXES ECONOMIES
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QUOTA
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A LIMIT PLACED ON IMPORTED GOODS
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HUMAN CAPITAL
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EDUCATION,TRAINING, SKILLS, HEALTHCARE OF WORKERS AND THE VALUE THEY BRING TO THE ECONOMY.
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MARKET ECONOMY
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AN ECONOMIC SYSTEM WHERE THE CITIZENS HAVE THE MOST FREEDOM REGARDING RUNNING THEIR BUSINESSES.
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PHYSICAL TRADE BARRIER
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A PHYSICAL FEATURE THAT MAKES TRADING DIFFICULT.
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CAPITAL GOODS
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FACTORIES, TECHNOLOGY, MACHINES AND BUILDINGS THAT BUSINESSES NEED IN ORDER TO FUNCTION.
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CURRENCY EXCHANGE
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THE PRICE OF ONES COUNTRY'S CURRENCY COMPARED TO ANOTHER COUNTRY'S CURRENCY
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EMBARGO
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A COMPLETE BAN ON TRADING BETWEEN TWO COUNTRIES.
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GROSS DOMESTIC PRODUCT
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THE FINAL AMOUNT OF GOODS AND SERVICES PRODUCED IN A COUNTRY IN ONE YEAR.
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TARIFF
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A TAX ADDED TO IMPORTED GOODS
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MIXED ECONOMY
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THE ECONOMIC SYSTEM OF MOST DEMOCRATIC NATIONS; A MIX OF COMMAND AND MARKET
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TRADITIONAL ECONOMY
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AN ECONOMIC SYSTEM THAT IS BASED ON THE CUSTOMS AND BELIEFS OF THE PAST; USES BARTERING
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COMMAND ECONOMY
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AN ECONOMIC SYSTEM WHERE THE GOVERNMENT MAKES ALL THE PRODUCTION DECISIONS
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ENTREPRENEUR
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SOMEONE WHO TAKES A RISK TO START HIS OR HER OWN BUSINESS
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