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PASSWORD

Economics Vocabulary. PASSWORD. Natural resources. Raw materials from nature used to produce goods. Can be renewable (has no limit, like the sun’s energy) or non-renewable (limited supply, as in oil). . HUMAN CAPITAL.

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PASSWORD

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  1. Economics Vocabulary PASSWORD

  2. Natural resources Raw materials from nature used toproduce goods. Can be renewable (has nolimit, like the sun’senergy) ornon-renewable (limitedsupply, as in oil).

  3. HUMAN CAPITAL HUMAN RESOURCES USED TO PRODUCE GOODS AND SERVICES examples:manual labor- a worker builds a carmental labor- a worker designs an idea for a car

  4. TRADITIONAL THIS SYSTEM REPEATS THE PAST Uses old-fashioned methods and machinery to produce and trade goods

  5. THIS SYSTEM HAS NO GOVERNMENT INTERVENTIONALLOWS OWNERSHIP OF PRIVATE PROPERTY and BUSINESSES MARKET

  6. COMMAND THE GOVERNMENT CONTROLS EVERYTHIG IN THIS SYSTEMSOMETIMES RESULTS IN LIMITED SUPPLY OF GOODSCAN SLOW DOWN AN ECONOMY (SLOW GROWTH)

  7. HAS ELEMENTS OF COMMAND & MARKET SYSTEMS (COMMON IN EUROPE), ALSO CANADA AND CHINA MIXED SYSTEMS

  8. Currency Money-coins and bills

  9. TARIFF A TAX ON IMPORTED GOODS

  10. 3 economic questions What, how, and for whom to produce?

  11. A PERSON WHO STARTS UP A COMPANY, TAKES THE RISKS ENTREPRENUER

  12. QUOTA LIMITS ON THE QUANITY THAT CAN BE IMPORTED

  13. EXPORTS GOODS LEAVING,OR EXITING A COUNTRY

  14. GDP TOTAL VALUE OF ALL GOODS AND SERVICES PRODUCED IN A COUNTRY IN A YEAR

  15. 4 FACTORS OF ECONOMIC GROWTH NATURAL RESOURCES, CAPITAL GOODS, HUMAN CAPITAL, AND ENTREPRENEURSHIP

  16. GOODS COMING INTO A COUNTRY IMPORTS

  17. TRADE BARRIES THINGS THAT GET IN THE OF TWO NATIONS TRADING WITH EACH OTHER

  18. EMBARGO BLOCKING GOODS FROM ENTERING A COUNTRY

  19. GDP DIVIDED BY THE COUNTRY’S POPULATION PER CAPITAL GDP

  20. THE END

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