By: Paree bhakta for: mrs.o’grady Economic Vocabulary By: Paree bhakta for: mrs.o’grady

Currency Money-coins and bills

TARIFF A TAX ON IMPORTED GOODS

Gifts of nature, present without human intervention Natural resources Gifts of nature, present without human intervention

What, how, and for whom to produce 3 economic questions What, how, and for whom to produce

A LINE ON WHICH POSITIONS ARE PLOTTED CONTINUUM A LINE ON WHICH POSITIONS ARE PLOTTED

A PERSON WHO STARTS UP A COMPANY, TAKES THE RISKS ENTREPRENUER A PERSON WHO STARTS UP A COMPANY, TAKES THE RISKS

LIMITS ON THE QUANITY THAT CAN BE IMPORTED QUOTA LIMITS ON THE QUANITY THAT CAN BE IMPORTED

THE GOVERNMENT CONTROLS EVERYTHIG IN THIS SYSTEM COMMAND THE GOVERNMENT CONTROLS EVERYTHIG IN THIS SYSTEM

GOODS LEAVING,OR EXITING A COUNTRY EXPORTS GOODS LEAVING,OR EXITING A COUNTRY

TOTAL VALUE OF ALL GOODS AND SERVICES PRODUCED IN A COUNTRY IN A YEAR GDP TOTAL VALUE OF ALL GOODS AND SERVICES PRODUCED IN A COUNTRY IN A YEAR

NATURAL RESOURCES, CAPITAL GOODS, HUMAN CAPITAL, AND ENTREPRENEURSHIP 4 FACTORS OF ECONOMIC GROWTH NATURAL RESOURCES, CAPITAL GOODS, HUMAN CAPITAL, AND ENTREPRENEURSHIP

HUMAN CAPITAL HUMAN EFFORT, LIKE EDUCATION, DIRECTED TOWARD PRODUCTING GOODS AND SERVICES

HAS ELEMENTS OF COMMAND & MARKET SYSTEMS MIXED SYSTEMS HAS ELEMENTS OF COMMAND & MARKET SYSTEMS

GOODS COMIG INTO A COUNTRY IMPORTS GOODS COMIG INTO A COUNTRY

THIS SYSTEM REPEATS THE PAST TRADITIONAL THIS SYSTEM REPEATS THE PAST

THINGS THAT GET IN THE OF TWO NATIONS TRADING WITH EACH OTHER TRADE BARRIES THINGS THAT GET IN THE OF TWO NATIONS TRADING WITH EACH OTHER

BLOCKING GOODS FROM ENTERING A COUNTRY EMBARGO BLOCKING GOODS FROM ENTERING A COUNTRY

THIS SYSTEM HAS NO GOVERNMENT INTERVENTION MARKET THIS SYSTEM HAS NO GOVERNMENT INTERVENTION

GDP DIVIDED BY THE COUNTRY’S POPULATION PER CAPITAL GDP GDP DIVIDED BY THE COUNTRY’S POPULATION

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