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European Economics
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Entrepreneur
A person who takes a risk and provides the money to start and own his or her own business.
Scarcity
The limited supply of something.
Natural Resources
"Gifts of nature" such as forests, water, minerals, and fertile soil.
Physical Capital
The factories, machines, technologies, buildings, and property needed by businesses to operate.
Human Capital
The money a country spends on education, training, improving the skills and health of the workers/people.
Literacy Rate
percentage of people who can read and write in a country.
Standard of Living
How rich or poor a country is.
Gross Domestic Product (GDP)
the total value of all goods and services produced within a country during a given year.
Currency
Money
Exchange Rate
A fee that you pay to trade your money for another currency.
Specialization
A county may specialize in the production of certain goods.
Imports
Goods purchased from other countries.
Demand
How many customers want the goods.
Supply
Amount of goods available.
Producer
Maker of goods.
Consumer
Customer
Market Economy
Individual business owners make the economic decisions based on what the consumers buy.
Command Economy
The government owns the industries and makes the economic decisions.
Traditional Economy
Exchange of goods and services based on customs and tradition.
Embargo
Government order to stop trading with another country.
Quota
A specific limit placed on the number of imports that may enter a country.
Tariff
A tax on imported goods
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