BY: PAREE BHAKTAFOR: MRS.O’GRADY

Economic Vocabulary

MONEY-COINS AND BILLSCURRENCY

A TAX ON IMPORTED GOODSTARIFF

GIFTS OF NATURE, PRESENT

WITHOUT HUMAN INTERVENTION

NATURAL RESOURCES

WHAT, HOW, AND FOR WHOM TO PRODUCE

3 ECONOMIC QUESTIONS

A LINE ON WHICH POSITIONS ARE

PLOTTED

CONTINUUM

A PERSON WHO STARTS UP A COMPANY, TAKES THE RISKS

ENTREPRENUER

LIMITS ON THE QUANITY THAT CAN BE IMPORTED

QUOTA

THE GOVERNMENT CONTROLS EVERYTHIG IN THIS SYSTEM

COMMAND

GOODS LEAVING,OR EXITING A COUNTRYEXPORTS

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

GDP

NATURAL RESOURCES, CAPITAL GOODS, HUMAN CAPITAL, AND ENTREPRENEURSHIP

4 FACTORS OF ECONOMIC GROWTH

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

HUMAN CAPITAL

HAS ELEMENTS OF COMMAND & MARKET SYSTEMS

MIXED SYSTEMS

IMPORTSGOODS COMIG INTO A COUNTRY

THIS SYSTEM REPEATS THE PASTTRADITIONAL

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

TRADE BARRIES

BLOCKING GOODS FROM ENTERING A COUNTRY

EMBARGO

THIS SYSTEM HAS NO GOVERNMENT INTERVENTION

MARKET

GDP DIVIDED BY THE COUNTRY’S POPULATION

PER CAPITAL GDP

THE END