o Laissez-faire
Capitalism: is an economic
system which allows every person to have their property. “Laissez- faire”
literally means in french: to leave alone.
o Free Market: free market may have control of the government
but not necessary. Are exchanges
that take place in a society.
o Law of Supply and
Demand: This is not a real law, but it is
easy to understand. This “law” makes the proportions between cost and product
demand
o Law of
Self-Interest: what we want others to have or
achieve, will happen to you too.
o Law of Competition: normalizes the competition between markets by not
accepting just one company to make with the prices whatever they want.
o The Invisible Hand: “natural force that guides free market capitalism
through competition for scarce resources.” Literally words from Adam Smith.
o Contract: The agreement between two or more parties. Totally
involved with the law.
o Free Trade: Is like a deal between two countries to exchange things
without cost.
o Balance of Trade: the difference of value of import and export in a
country.
o Zero-Sum Game: this is a representation of the gain and the loss.
Meaning that the gain should be, obviously bigger than the loss.
o Protectionism: when the government restricts international trades
o Embargo: the prohibition of making commerce with a
specifically country.
o Quota: A proportional part of an amount.
o Tariff: A duty that the government asks for. The money
should be for the need of the country.
o Comparative
Advantage: the ability of someone to service at
a lower cost ver another.
o Trading Partner: socio- commerce.
o Niche Product: a product marketed in a small and special market.
o Specialization: Method were a company concentrates in the services
of one product
o Life Expectancy: expected number of years of a person to live.
o Birth Rate: Total new borns in a certain amount of population.
o Replacement Rate: % of a worker´s income that is paid when the retirement comes by a pension
program.
o Carrying Capacity: maximum number of species living in an environment.
o Utilitarianism: can be caracterized as a quantitative approach to
ethics.
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