Economy Vocabulary

Economy dominated by methods and techniques that have strong social support even though they may be old-fashioned or out of date.
My country is traditional, where the people barter things such as chicken and eggs to exchange goods.

Concentrating on one area of work.
My specialization is building and fixing things.

When you buy something and get money in return.
I loaned money to my friend, and he payed me more money than I would have originally made.

Someone who organizes a business.
I am an Entrepreneur because I started the business Coke.

Economic system that relies upon markets to allocate resources and determine prices.
There is not one true market economy, since no countries have 100% free enterprise.

economic interdependence Definition Characteristic of a society (and increasingly that of the world) with

A limit of the amount of goods that can be traded.
There is a quota on the amount of oil that can be imported from Saudi Arabia.

A tax on imported goods.
The tariff for rice imported from Australia is 5%.

The talents and capabilities that individuals contribute to the process of production.
You go to college to gain human capital.

An economic system that combines private and state enterprises
Most nations have a mixed economy.

A measure of the economic production of a particular territory in financial capital terms over a specific time period
The GDP for the US is $14.3 trillion.

When a country ends all trade with another country.
China has placed an embargo on the US, so we can no longer trade with them.

A trade barrier is a general term that describes any government policy or regulation that restricts international trade.
Quota, embargo and tariff, are all trade barriers.

Economic system in which the government owns the land, resources, and means of production and makes all economic decisions.
I cannot start my own business because my country is a command economy.

A country relying on another country for goods, resources, or services.
The US has interdependence on China for goods.