Money used in a particular county to buy goods and services.
Tariff
A fee imposed by a government to imported or exported goods.
Embargo
A government order stopping trade with another country to put pressure on the government of that country.
Gross Domestic Product
The total value of all goods and services produced domestically by a nation during a year.
Physical Capital
Factories, machines, technologies, buildings, and property needed for a business
Entrepreneur
One who risks his or her own money, time, ideas, and energy to start and run a business
Trade
The voluntary exchange of goods and services among people and countries benefiting both parties.
Human Capital
Workers of a business or country including their education, training, skills, and health.
Quota
In a centralized command economy, being told by government what and how much to produce in a certain time. A limit placed on the number of imports that may enter a country.
Expense
The cost related to running a business.
Income
Money paid to a person for a job that is done or money coming into a business for services.
Profit
Money left after business expenses are subtracted from business income.
Supply and Demand
An economic concept that stated that the price of a good rise of falls depending on how many people want it (demand) and depending on how much of the good is available (supply).