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economic questions

1. what to produce 2. how to produce it 3. for whom to prduce it

TermDefinition
3 questions economic systems answer 1. what to produce 2. how to produce it 3. for whom to produce it.
traditional economy economy based on beliefs and values; usually involves bartering rather than the exchange of currency.
capitalism economic system in which private owners control the production of goods and profit.
market an economic system based on free trade and competition.
socialism economic system in which most businesses are owned and run by the government .
communism economic, social and political system based on the teachings of Karl Marx.
command an economic system in which the central government make all economic decisions.
mixed an economic system that has a combination of government and privately owned business
trade barriers obstacles to trade between countries. they make trade difficult tariffs, quota, embargos.
quota number limit on how many items of a particular product can be imported from particular country. quota=numbers #
tariff a tax placed on imported goods. tax= money $
embargo bans on trading another country for political reasons. embargo=stop
economics the social science that deals with the production, distribution and consumption of goods and services.
bartering exchanging one good services for another.
supply how much people have or how much is available.
demand what or how much people want.
GDP the value of all of the goods and services producted in in a country per year. GDP= how rich or poor a country is.
standard of living how well citizens live based on good public services, education, health care, jobs.
literacy rate the percentage of people in a country who can read and write.
specialization make a living doing what a person does best.
opportunity cost the value of what is given up when a choice is made.
currency money.
exchange rate how much one currency is worth in terms of another.
human capital a supply of people who can produce goods and services. can be improved through training and education
capital goods items that people need to perform their jobs.
natural resources items that come from the world around us that we use for our own purposes.
entrepreneurs people with new willing to take risks to start a business or make a product.
low literacy rate literacy rate + standard of living = GDP
high literacy rate literacy rate + standard of living =GDP
European union purpose: to strengthen the economic, political and defensive ties of member nations. common currency: euro makes it easier to do business because they don't have to worry about exchange money. eliminates:trade barriers:member nation don't inlose embarg
Created by: Tanya D
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