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European Economics

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