1. Economics Vocabulary
PASSWORD

2. Natural resources
Raw materials from nature used to produce goods. Can be renewable (has no limit, like the sun’s energy) or non-renewable (limited supply, as in oil).

3. HUMAN CAPITAL
HUMAN RESOURCES USED TO PRODUCE GOODS AND SERVICES examples: manual labor - a worker builds a car mental labor - a worker designs an idea for a car

4. TRADITIONAL THIS SYSTEM REPEATS THE PAST
Uses old-fashioned methods and machinery
to produce and trade goods

5. MARKET
THIS SYSTEM HAS NO GOVERNMENT INTERVENTION ALLOWS OWNERSHIP OF PRIVATE PROPERTY and BUSINESSES

6. COMMAND
THE GOVERNMENT CONTROLS EVERYTHIG IN THIS SYSTEM SOMETIMES RESULTS IN LIMITED SUPPLY OF GOODS CAN SLOW DOWN AN ECONOMY (SLOW GROWTH)

7. MIXED SYSTEMS
HAS ELEMENTS OF COMMAND & MARKET SYSTEMS (COMMON IN EUROPE), ALSO CANADA AND CHINA

8. Currency
Money-coins and bills

9. TARIFF
A TAX ON IMPORTED GOODS

10. What, how, and for whom to produce?
3 economic
questions
What, how, and for whom to produce?

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

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

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

14. 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

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

16. GOODS COMING INTO A COUNTRY
IMPORTS

17. 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

18. BLOCKING GOODS FROM ENTERING A COUNTRY
EMBARGO
BLOCKING GOODS FROM ENTERING A COUNTRY

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

20. THE END