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Economics
Question | Answer |
---|---|
The social science that deals the production, distribution, and consumption of goods and services | Economy |
Exchanging one good or service for another without using money | Bartering |
What to produce, how to produce, and whom to produce it? | 3 questions answered |
A government based on culture and rituals | traditional economy |
A government that relies on its own government to make all economic decisions | command economy |
economic system based on free trade and competition | Market economy |
economic system in which private owners control the production of goods and profit | capitalism |
How much people have or how much is available | supply |
What or how much people want | demand |
a combination of government and privately owned business | mixed economy |
making living from doing what you are best at | specializition |
Items people need to preform their job | capital goods |
items that come from the world around us that we use for our own purposes | natural resources |
a supply of people that produce goods and services | human goods |
a person who takes a risk to start a business | entrepreneur |
The average annual income of a nations citizens | GDP (gross domestic product) |
level of comfort in an every day life | standard of living |
Forbids trade | embargo |
a tax on imported goods | Tariffs |
a limited amount of imported goods in a country | quota |
different kinds of money in different country's | currency |
converting one nations money into an equal value of another country's money | Exchange rate |