1. Economies

2. Economics Supply of human skills, natural goods, and capital goods

3. Goods and Services Products or services sold to a consumer or another industry

4. Gross domestic product GDP The total amount of goods and services produced in a country

5. Four Factors of Production Human capital Capital goods Natural Resources Entrepreneurship

6. Human capital The value that people bring to the workplace

7. Capital goods Goods used to make products

8. Natural resources Resouces that come from the Earth such as trees, fresh water, Soil, plants or animals

9. entrepreneurship A person who takes on the risk and possible reward of operating a new business

10. Types of economies Traditional Command Market

11. Traditional economy Economy dominated by methods and techniques that have strong social support even though they may be out of date

12. Command economy An economy that is planned and controlled by a central administration

13. Market economy Economy that operates by voluntary exchange in a free market and is not planned or controlled by a central authority—a capitalistic economy

14. Types of capital investments Factories Machinery Technology

15. Trade Barriers Tariffs Quotas Embargoes

16. Tariffs Taxes on goods coming into a country

17. quotas Limits on the number of goods that can be imported from a certain country

18. embargo Ban on trade with another country