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Economics

QuestionAnswer
What are the 4 main types of economic systems? Traditional, Command, Market, Mixed
What is an example of a Traditional system? Inuit Tribe
What is an example of a Command system? North Korea
What is an example of a Market system? NONE
What is an example of a Mixed system? United States
Which word answers these 3 questions? -What to __________? -How to ________ it? For whom to _______? Produce
What is a Traditional system based on? customs and traditions
Who owns the resources in a traditional system? all members of the economy
Who keeps the profit in a traditional government? There is NO MONEY!!! The goal is to survive!!!
Define economics. Economics is the study of production, distribution, and use of goods or services.
Define bartering. Bartering is the exchange of one good for another.
Describe a Command system.Who tells people what to do? What things do this person decide on? The government decides what goods are made and how they're made.
In a Command government, who owns the resources? The Government
In a Command government, who owns the profit? The Government
Communism is a Command example. Describe Communism. Type of Command economy where everyone is equal.(...in theory)
In a Communist system, who owns the resources? Everyone shares equally(... in theory)
In a Communist system, who keeps the profit? Everyone shares equally(... in theory)
Socialism is a Command example. Describe Socialism. Type of Command economy. Most businesses are owned and run by the government.
In a Socialist system, who owns the resources? Everyone(...but really the government)
In a Socialist system, who keeps the profit? The government decides who gets what. (distributes)
Describe a Market system. An Economy that operates by voluntary exchange in a free market and is not planned or controlled by a central authority.
Define Capitalism. An economic system in which private owners control the production of goods and profit.
In a Market system, who owns the resources? The people (individuals)
In a Market system, who keeps the profit? The people (individuals)
Define supply. The quantity of a product or service in a market and avalie for purchase.
Define demand. The desire to purchase with power to do so.
Define a Mixed economy. Combination of a market and a command economy.
Does the government control any part of the economy? YES
Fill in the blank. The government can issue __________. Regulations
What is a regulation? a law/ rule
True or False.: Germany has an economy that's closer to Command than Russia. False
True or False.: UK has an economy that's closer to Market than Russia. True.
Russia US UK Germany: Out of the 4 countries above, which one has an economic system that is closest to a Market system? US
Russia US UK Germany: Out of the 4 countries above, which one has an economic system that is closest to a Command system? Russia
Define embargo. A ban on trading with other countries due to political issues.
Define tariffs. A special tax.
Define quota. Limits on the amount of foreign goods they buy.
What is GDP? The total amount of final goods and services produced in a country per year.
What is a human resource? People who perform labor, invested by training and education
What is a capital good? An item needed to perform a job
What is a natural resource? Resources that come from nature
What is an entreprenuer? A person with ideas that take risks to start a business
What is Standard of Living? How well citizens live
What is Literacy Rate? The percentage of people in a country who can read and write.
What is Specialization? Producing and providing services you do best
What is Oppertunity Cost? Value of what is given up when a choice is made.
Give 2 examples of capital goods. Ovens, mills, lawn mower, leaf blowers, etc.
Name 2 examples of natural resources. Trees, crops, water, coal, petroleum, etc. ( anything that comes from nature)
What are 3 ways countries could invest in human resources? education, health, and training
What is currency? money
What is exchange rate? how much one currency is worth in terms for another
Created by: 200350563
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