Economics Terms Flashcard | 24-25

Front

These are machines, factories, and tools used to make other goods.

Back

capital goods

Front

A(n) _____ is a ban on trading with specific countries.

Back

embargo

Front

The skills and talents of workers in a country

Back

human capital

Front

Saudi Arabia wants to keep oil prices high, so they meet with other oil-producing countries to agree on limiting oil production. What type of organization are they forming?

Back

Cartel

Front

What type of economy does North Korea have, where the government decides what goods will be produced, how much they will cost, and who can buy them?

Back

Command economy

Front

Maria buys a new phone, some groceries, and pays for a haircut. Which economic role is Maria playing in these transactions?

Back

Consumer

Front

Sarah has noticed that there's no good coffee shop near her office, so she takes out a loan to open one. What economic activity is Sarah engaging in?

Back

Entrepreneurship

Front

Is Toyota selling cars made in Japan to Americans an import or export from Japan's perspective?

Back

Export

Front

A country has a GDP of $100 billion and a population of $20 million. Calculate its GDP per capita.

Back

5,000 per capita

Front

If a country has a 98% literacy rate, what does this tell us about their level of human capital?

Back

The country has a high level of human capital.