Trade Barriers | Economics Terms | Economics Terms 2 | Economic System | Miscellaneous |
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What is Tariff
a tax or duty to be paid on a particular class of imports or exports.
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What is Specialization
the act of specializing; making something suitable for a special purpose.
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What is GDP
The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investment
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What is Economic System
the system of production and distribution and consumption
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What impacts GDP
Human Capital, Capital Goods, Natural Resources, Entrepreneurship
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What is Quota
a limited or fixed number or amount of people or things, in particular.
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What is Market Economy
an economy that relies chiefly on market forces to allocate goods and resources and to determine prices.
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What is Entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
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What are the 3 Questions every economic system must have
What to produce?
How to produce? For Whom to produce? |
What does human capital influence a country's GDP
Performance up= Profit up= GDP
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What is Export Subsidy
Export subsidy is a government policy to encourage export of goods and discourage sale of goods on the domestic market through low-cost loans or tax relief for exporters, or government financed international advertising or R&D.
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What is Traditional Economy
A traditional economy is a historical economic system in which traditions, customs, and beliefs shape the goods and products the society creates. Countries that use this type of economic system are often rural and farm-based.
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What is Human Capital
the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
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What types of economic system do most European countries have
Mixed
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Which nation experienced reunification and had unify 2 different economic systems
Germany
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What is Product Standard
product standards define what products are made of, as well as how they perform.
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What is Command Economy
an economy in which production, investment, prices, and incomes are determined centrally by a government.
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What is Capital Goods
goods that are used in producing other goods, rather than being bought by consumers.
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What type of economic system did Russia and East Germany have years ago
Command
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What four factors influence economic growth
Human Capital, Capital Goods, Natural Resources, Entrepreneurship
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What is Embargo
an official ban on trade or other commercial activity with a particular country.
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What is Mixed Economy
an economic system combining private and public enterprise.
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What is Natural Resources
materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
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What are two things employers invest in when it comes to human capital
Education/Training and health care of employees
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