command economy – Flashcards
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command economy-
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An economic system in which the government controls a country's economy.
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market economy-
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an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
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traditional economy
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economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
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mixed economy
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an economic system that combines private and state enterprises
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tariffs
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Taxes on imports or exports
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quotas
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established limits by governments on the number of immigrants who can enter a country each year
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embargos
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ban trade with another countries
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NAFTA
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North American Free Trade Agreement; allows open trade with US, Mexico, and Canada
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Currency exchange
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...In finance, the exchange rates between two currencies specifies how much one currency is worth in terms of the other.
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GDP
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Gross Domestic Product- the total market value of all final goods and services produced annually in an economy
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Entrepreneurship
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accepting the risk of starting and running a business
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Standard of living
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A measure of quality of life based on the amounts and kinds of goods and services a person can buy
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Literacy rate
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percentage of people who can read and write
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Human capital
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the skills and knowledge gained by a worker through education and experience
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Capital goods
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Buildings, machinery, tools, and other goods that provide productive services over a period of time.
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Budget
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a sum of money allocated for a particular purpose
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Credit
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used in the phrase 'to your credit' in order to indicate an achievement deserving praise
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Specialization
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the special line of work you have adopted as your career
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Euorpean union
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An economic and political association of of certain European countries with internal free trade and common external tariffs
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Investment
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the ceremonial act of clothing someone in the insignia of an office
