Economy the wealth and resources of a country or region,

Term Definition
Economy the wealth and resources of a country or region,
Batering exchange (goods or services) for other goods or services without using money
3 Questions answerd What to produce, how to produce, whom to produce for
traditional economy an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces
Command economy When the government has complete control over the citizens
Market economy When the economy is supply and demand
Capitalism an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state
Supply make (something needed or wanted) available to someone; provide
Demand an insistent and peremptory request, made as if by right
Mixed economy an economic system combining private and public enterprise.
Specialization the process of concentrating on and becoming expert in a particular subject or skill
Natural resources materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
capital goods goods that are used in producing other goods, rather than being bought by consumers.
Human resources (Goods) the personnel of a business or organization, especially when regarded as a significant asset.the department of a business or organization that deals with the hiring, administration, and training of personnel
Entrepeneur a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Literacy the ability to read and write.
Standard of living the degree of wealth and material comfort available to a person or community
GDP per Capita is a measure of a country's economic output that accounts for population
Tariff a tax or duty to be paid on a particular class of imports or exports
Quota a limited or fixed number or amount of people or things, in particular
Embargo an official ban on trade or other commercial activity with a particular country
Currency a system of money in general use in a particular country.
Currency exchange A currency exchange may be a stand-alone business or may be part of the services offered by a bank or other financial institution.

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