1. Economic Terms and Definitions
By: Samantha Cooper

2. Money used in a particular country to buy goods and services
Currency
Money used in a particular country to buy goods and services

3. A fee imposed by a government to imported goods or exported goods
Tariff
A fee imposed by a government to imported goods or exported goods

4. Embargo
A government order stopping trade with another country to put pressure on the government of that country

5. Gross Domestic Product (GDP)
The total value of all goods and services produced domestically by a nation during a year

6. Physical Capital
Factories, Machines, Technologies, Buildings, and Property needed for a business

7. Trade
The voluntary exchange of goods and services among people and countries benefitting both parties

8. Entrepreneur
One who risks his or her own money, time, ideas, and energy to start and run a business

9. Human Capital
Workers of a business or country including their education, training, skills, and health

10. Supply and Demand
An economic concept that stated that the price of a good rise or falls depending on how many people want it (demand) and depending on how much of the good is available (supply)

11. Profit
Money left after business expenses are subtracted from buissness income

12. Quota
1.In a centralized command economy, being told by government what and how much to produced in a certain time

13. 2.A limit placed on the number of imports that may enter a country
Quota
2.A limit placed on the number of imports that may enter a country

14. The cost related to running a business
Expense
The cost related to running a business

15. Income
Money paid to a person for a job that is done or money coming into a business for services