Economic vocabulary for kids (in english) – Flashcards
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Economy
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the careful use of money, resources, and means of production. ... the system of how money is made and used within a particular country or region. A region's economy is connected with things like how many goods and services are produced and how much money people can spend on these things.
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Economics
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relating to an economy : relating to the process or system by which goods and services are produced, sold, and bought. : relating to the science of economics.
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Private business
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A privately held company or close corporation is a business company owned either by non-governmental organizations or by a relatively small number of shareholders or company members which does not offer or trade its company stock (shares) to the general public on the stock market exchanges
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Public business
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A public company is a company with securities (equity and debt) owned and traded by the general public through the public capital markets. Shares of a public company are openly traded and widely distributed.
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(Free) Market economy
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A free market is a system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.
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Command economy
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an economy in which production, investment, prices, and incomes are determined centrally by a government.
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Traditional economy
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raditional economy is an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution.
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Mixed economy
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An economy that combines elements of capitalism and socialism, mixing some individual ownership and regulation. Some capitalist countries, France, for example, employ what is often called state capitalism.
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Trade barrier
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Trade barriers are measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services. Not everything that prevents or restricts trade can be characterised as a trade barrier.
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Tariff
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a government tax on imports or exports; "they signed a treaty to lower duties on trade between their countries" charge a tariff; "tariff imported goods" Similar Words: duty.
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Quota
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a limit on the number or amount of people or things that are allowed 2 : a share assigned to each member of a group
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Embargo
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a government order that restricts trade or the shipment of goods. An embargo was placed on the buying and selling of products made from elephant tusks. similar words: ban, restriction.
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Entrepreneur
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one who organizes, manages, and assumes the risks of a business or enterprise.
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Physical capital
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n economics, physical capital or just capital is a factor of production (or input into the process of production), consisting of machinery, buildings, computers, and the like. ... In economic theory, physical capital is one of the three primary factors of production, also known as inputs in the production function.
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Human capital
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the collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community: Education is an investment in human capital that pays off in terms of higher productivity. Examples from the Web for human capital Expand.
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International trade
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nternational trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product (GDP).
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Voluntary trade
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A term used to describe the foundation of the present economic system. When products and goods are exchanged for other products or services, the result is a trade. Voluntary trade describes a market where buyers and sellers have the right to sell and buy by their own preference or refuse to if they so choose.
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Currency
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he money that a country uses : a specific kind of money. : something that is used as money. : the quality or state of being used or accepted by many people.
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Gross Domestic Product (GDP)
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he Gross domestic product (GDP) is a measure used in economics of the size of a territory's economy. It is defined as the total value of all products manufactured and goods provided within that territory during a specified period (most commonly, per year). For more information see measures of national income.
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Per capita
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equally to each individual.
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Imports
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to bear or convey as meaning or portent : signify b archaic : express, state c : imply. 2 : to bring from a foreign or external source: as a : to bring (as merchandise) into a place or country from another country b : to transfer (as files or data) from one format to another usually within a new file.
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Exports
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commodities (goods or services) sold to a foreign country. ... sell or transfer abroad; "we export less than we import and have a negative trade balance" Similar Words: exportation. Hyponyms: smuggle. Derivational Morphology: exportation, exporting, exporter.
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Natural resources
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A natural resource is something that is found in nature and can be used by people. Earth's natural resources include light, air, water, plants, animals, soil, stone, minerals, and fossil fuels.
