Henderson S&E Asia Vocab Flashcard!

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Traditional economy:

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An economic system shaped by customs and beliefs.

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Market economy

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An economic system where production and prices are set by unrestricted competition among privately owned businesses.

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Command Economy

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An economy where production, investment, prices, and incomes are centrally determined by the government.

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Specialization

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The process of concentrating on and becoming expert in a particular subject or skill.

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Quota

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A fixed share of something a person or group is entitled to or bound to contribute.

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Embargo

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Official ban on trade or commercial activity with a specific country.

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Currency exchange

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A business with the legal right to exchange one currency.

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GDP

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Gross Domestic Product

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Entrepreneurship

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Setting up a business, taking on financial risks.

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Skills, knowledge, and experience valued by an organization or country.

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Human Capital