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Eco Systems Quiz

QuestionAnswer
Traditional Economy economy based on beliefs and values; usually involves bartering rather than exchange of currency.
Capitalism economic system in which private owners control the production of goods and profit ( free enterprise and market economy )
Market Economy an economic system based on free trade and competition ( free enterprise and capitalism.
Socialism economic system in which most businesses are owned and ran by the government ( usually communist )
Communism economic, social and political system based on the teaching of Karl Marx.
Command Ecomomy an economic system in which the central government makes all economic decisions
Mixed Economy an economic system that has a combinations of government and privetly owned businesses
Trade Barriers obstacles to trade between countries
Quota number limit on how many items of a particular product can be imported from a particular country
Tariff a tax placed on imported goods
Embargo bans on trading another country for political reasons
Economics a Social Science that deals with the production, distribution and consumption of goods and services.
Bartering exchanging one good or service for another
Supply how much people have or how much is available
Demand what or how much people want
Gross Domestic Product ( GDP ) the value of all of the goods and services produced in a country per year
Standard of Living how well citizens live based on goods, public services, education, health care and jobs
Literacy Rate the % on how many people can read and write
Specialization making a living doing what a person is best at
Opportunity Cost the value of what is given when a choice is made
Currency money
Exchange Rate how much of one currency is worth in terms of another
Human Capital a supply of people who produce goods and services
Capital Goods items people need to preform their jobs
Natural Resources items that come from the world around us that we use for ourselves
Entrepreneur people with new ideas that are willing to take risks to start a businesses or made a product.
Created by: weakstick
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