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economic systems
definitions
| Question | Answer |
|---|---|
| Traditional Economy | Economy based on beliefs and values; usually involves battering rather than the exchange of currency |
| Capitalism | Economic system in which private owners control the production ( free enterprise, market economy ) |
| Market | An economic system based on free trade and competition ( free enterprise, capitalism ) |
| Socialism | Economic system in which most businesses are owned and run by the government ( usually, communist ) |
| Communism | Economic, social and political system based on the teaching of Karl Marx. Calls for the elimination of private property ( all things shared ) |
| Command | An economic system in which the central government makes all economic decisions usually an autocratic form of government dictatorship |
| Mixed | An economic system that has a combination of government and privately owned business most countries have mixed Economies like the U.S |
| Trade Barriers | Obstacles that trade between countries. Ex. Tariffs,Quotas, and Embargo's. |
| Tariffs | A tax placed on imported goods ( goods brought in from another country ) |
| Quotas | Number limit of how many items of a particular product canbe imported from a particular |
| Embargo | Bans on trading on another country for political reasons ( Embargo = forbid trading ) |
| Bartering | Exchange one good or service for another. |
| Demand | What or how much people want . |
| GDP ( Gross Domestic Product ) | The value of all goods and services produced in a country per year |
| Standard of living | How well citizens lie based on good public services,education, health care, jobs ... |
| Literacy Rate | The percentage of people that can read and/or write. |
| Specialization | Specialization is the basis of global trade as few countries produce enough goods to be completely self-sufficient. |
| Opportunity cost | The value of what is given up when a choice is made. |
| Currency | A system of money in general use in a particular country |
| Exchange rate | How much one currency is worth in terms of another. |
| Economics | The social science that deals with the production distribution and consumption of goods ans services. |
| Human capital | The supplies of people that can produce goods. can be improved through training and education |
| Capital goods | Items that people need to perform their job. ( Ex factorie,machinery, and computers ) |
| Natural resources | Items that come from the Earth that we use |
| Entrepreneur | People that have new ideas that are willing to take a risk to start a business or make a product |
| Low literacy rate High literacy rate | Low literacy rate + standard of living = GDP High literacy rate + standard of living = GDP |
| 3 Economic system questions | What to produce ? How to produce ? For who to produce it ? |
Created by:
adame
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