Transcript Economics Vocabulary Lingual

Economics Vocabulary
 The following slides contain
vocabulary terms and definitions
that you need to know when
discussing Economics.
 Study each of the following slides
for upcoming Economics
assessments (tests, quizzes, etc.).
Economics
 The study of how people choose to use limited
resources to satisfy their unlimited wants.
 Describes how a group of people make decide
what to make, how to make it, and for whom to
make it.
Economía
Économie
‫اقتصاد‬
Economia
경제학
经济学
Human Resources/Capital
The knowledge and skills
(education) that allow
workers to produce goods
and services and earn a
salary.
Example: The knowledge
and skills needed to
become a doctor, lawyer,
teacher, or car mechanic.
Recursos Humanos / Capital
‫ سرمایه‬/ ‫منابع انسانی‬
Ressources humaines /
Capital
Recursos Humanos / capital
人力资源/资本
인적 자원 / 자본
Capital Resources
Goods such as factories, machines, and tools that
workers use to make other goods.
Recursos de Capital
‫منابع سرمایه‬
ressources en capital
Recursos de Capital
자본 자원
资本来源
Natural Resources
Raw materials used to
support life and make
goods
Examples:
 Trees
 Land
 Oil
Recursos naturais
‫منابع طبیعی‬
천연 자원
Ressources naturelles
Recursos naturales
自然资源
Entrepreneurship
People who have these
qualities risk their time,
money, and energy to make
a profit.
They might create new
products, come up with new
ways to make things, or find
new ways to reach buyers
(ex. iTunes, Facebook).
Emprendimiento Entrepreneutiat
创业
기업가 정신
‫کارآفرینی‬
empreendedorismo
Goods
 Tangible (touchable)
objects that satisfy
economic wants.
 Items that a person
may want or need to
have.
Bens
‫محصوالت‬
상품
Des biens
Productos
货物
Services
Activities performed by people to satisfy economic wants.
Examples:
• Restaurants provide the service of preparing food for
people.
• Teachers provide the service of educating students.
‫خدمات‬
Servicios
서비스
Serviços
服务
Services
Producer
Someone who uses
resources to make
a good or service.
Examples:
The Ford car
company, uses
raw materials
(such as iron,
etc.) to create
automobiles.
Productor produtor
‫ تهیه كننده‬producteur
제작자 生产者
Consumer
Someone who buys or trades a good or service.
Consommateur
consumidor
Consumidor
‫مصرف كننده‬
소비자
消费者
Imports
Goods brought into
one country from
another through
trade or sale.
‫واردات‬
Importações
Importaciones
Importations
进口
수입
Exports
Goods and services
traded with or sold
to other countries.
Exportations
Exportaciones
Exportações
出口
수출
‫صادرات‬
Gross Domestic Product (GDP)
The total value of all
goods and services
produced in a
country every year.
국내 총생산 (GDP)
( ‫تولید ناخالص داخلی‬GDP)
国内生产总值（GDP）
Produit intérieur brut (PIB)
Produto Interno Bruto
(PIB)
Producto Interno Bruto
(PIB)
Invest (Investment)
To buy more of something
in order to benefit from it
in the future.
Examples:
Stocks (Stock Market)
Putting money (capital)
into a business or
company
Investir
Invertir
Investir
‫سرمایه گذاری‬
投资
투자
Literacy Rate
The percentage of people who can read and write in a
country.
Literacy Rate is usually tied to the country’s GDP (higher
literacy rate usually means the country will have a higher
GDP).
Taux d'alphabétisation
Tasa de alfabetización
Taux d'alphabétisation
识字率
자율
‫نرخ سواد‬
Standard of Living
A person’s level of comfort.
Determined by the amount of goods, services, and luxuries available
to a person.
Countries with a higher GDP usually have a higher standard of
living.
Estándar de vida
Standard de vie
Padrão de vida
生活标准
생활 표준
‫استاندارد زندگی‬
Scarcity
When there isn’t enough
of something because
humans want more than
they can have.
缺乏
부족
‫کمبود‬
rareté
escassez
escasez
Specialization
When people, businesses, or
countries produce specific goods
or services in order to produce
more.
Many countries specialize in the
creation of one product or
service, due to the resources they
have (human resources, natural
resources, etc.) available.
Especialización Specialization
Especialização 专业化
‫تخصص‬
전문화
Economic System
The way a nation uses its
resources to satisfy people’s
needs and wants.
There are 3 major economic
systems:
 Traditional Economy
 Command Economy
 Market Economy
Although there are 3 major
economic systems, most countries
are Mixed Economies.
Système économique
Sistema económico
‫سیستم های اقتصادی و‬
经济体制
경제 시스템
Sistema econômico
Traditional Economy
 An economic system in
which social roles and
culture decide what goods
and services will be
produced, how they will be
produced, and for whom
 People do things the way
they always have (following
the traditions of their
people).
Economia tradicional
전통적인 경제
Economía tradicional
传统经济
‫اقتصاد سنتی‬
Economie traditionnel
Command Economy
 An economic system in
which the government
decides what goods and
services will be produced,
how they will be produced,
and for whom.
 The government has the
power to control the
economy and command
the people to do what the
government says.
Economie commande
명령 경제
计划经济
‫اقتصاد دستوری‬
Economia de commando
Economía dirigida
Market Economy
 An economic system in
which individual choices
decide what goods and
services will be produced,
how they will be produced,
and for whom.
 This is commonly referred to 市场经济
as a Free Market system,
Economia de Mercado
Economía de Mercado
because people have the
Économie de marché
freedom to do what they
시장 경제
want.
‫اقتصاد بازار‬
Mixed Economy
 An economic system that has mixed features of
traditional, command, and market systems.
 Most countries are Mixed Economies, falling on a
continuum somewhere between a Command (0%
Free) and Market Economy (100% Free).
0
Pure
Command
‫اقتصاد مختلط‬
혼합 경제
économie
mixte
50
Mixed
Economy
混合经济
Economia
Mista
Economía
mixta
100
Pure
Market
Voluntary Trade
 An economic exchange in
which all sides agree to
participate because they
expect to benefit.
Example: When a person agrees to
trade a product or service for money,
or another product or service, both
sides benefit from the trade.
Comercio Voluntario
自愿交易
Trade voluntária
자발적 전시회
‫تجارت داوطلبانه‬
commerce volontaire
International Trade
 The exchange of goods and services between
countries.
 International means between two or more
nations (countries).
‫تجارت بین المللی‬
국제 무역
Échange international
国际贸易
Comércio internacional
El comercio internacional
Currency
 Money that is used as
a way to trade goods
and services;
 Examples:
 Paper Bills
 Coins
Moneda
Devise
‫واحد پول‬
Moeda
币
통화
Exchange Rate

How much one country’s
money is worth compared to
another country’s.
 Example:
 16.49 Mexican Pesos = 1
U.S. Dollar (2015).
환율
‫نرخ ارز‬
Taux de change
汇率
Taxa de câmbio
Tipo de cambio
Trade Barrier
 Any law or practice that
a government uses to
limit trade between
countries.
 This could be in the form
of taxes (tariffs), quotas,
or embargos.
Comercio Barrera
贸易壁垒
les obstacles au commerce
‫تجارت سد‬
무역 장벽
Tariff
 A price or tax
charged for goods or
services brought into
one area from
another area.
‫تعرفه‬
관세
Arancel
关税
tarif
tarifa
Quota
 A limit on the amount of product that may be
imported during a given period of time.
 Only a certain number of items can be
imported.
指标
Quota
Cotização
할당량
‫سهمیه‬
cuota
Embargo
 When a country refuses to import or export
certain goods; often backed by military force.
 Example:
 The United States has had an embargo
against Cuba since October of 1960.
‫تحریم‬
금지
禁运
Embargo
OPEC
 Organization of Petroleum Exporting Countries.
 Decides the price and amount of oil produced
each year in major oil producing countries like
Iran, Iraq, Saudi Arabia, and Kuwait.