Economic Terms Flashcards

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command economy

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an economic system based on government control and regulations

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exchange rate

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the ratio of how much of one currency can be exchanged for equal value of another currency

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human capital

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the talents, skills, and labor of people that can be used to produce goods and services

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market economy

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an economic system allowing consumers and producers can buy and sell what they want

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import

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a good or service bought from another country

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entrepreneurship

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the activity of creating a new business

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literacy rate

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the percentage of adults who can read and write

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export

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a good or service sold to another country

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mixed economy

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an economic system with elements of both market and command economies

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quota

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a limit on the quantity of a good that can be imported