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Economics I

Economic Systems & Factors of Production

Economic system where roles are handed down from generation to generation and the basic questions are answered as they have been since the distant past Traditional Economy
Economy in which the government controls the means of production, property, and makes all decisions about production and consumption. Command Economy
In this economy, producers and consumers make the economic decisions and the productive resources are privately owned Market Economy
Contains elements of market and command economies Mixed Economy
Gifts of nature; resources that come from the earth Natural Resources
People and their jobs, skills, training, education Human Captial
Machinery,equipment and technology that makes work easier Capital Goods
Person who takes a risk and starts a business Entrepreneur
Another term for trade with other countries Voluntary Exchange
Quality of life; how well or poorly a person lives Standard of living
These are the basic economic questions What to produce? How to produce it? For whom to produce?
The total dollar ($) value of final goods and services produced in a country in one year. GDP (Gross Domestic Product)
In this economy individuals have a great deal of freedom; they may buy and sell what they want Market Economy
This economy is the least free. Individuals have little choice in what they buy and sell. Command Economy
This productive resource is important to the economy because they provide jobs. Their businesses also produce valuable goods and services Entrepreneurs
The percent of people in a country that can read and write Literacy rate
Because there are no pure Market or Command economies, most economies in the world today are: Mixed
Most democratic countries in the world will have economies that lean more towards: Market
These are the four productive resources (or factors of production) Natural Resources, Human Capital (Human Resources), Capital Goods (Physical Capital, Capital Resources), Entrepreneurship
This economy is the least likely one to be found in Europe Traditional economy
Simple farming, hunting, gathering, and simple fishing are jobs in what type of economy? Traditional economy
No government; private owned businesses Market economy
private businesses, government ( protection, roads, schools) Mixed economy
What is the common currency of the European Union (EU)? The Euro
What must all EU countries have in common in their form of government? They must all be democratic
What is the purpose (goals) of the European Union? - Solve common problems - Increase safety and security of countries - Make trade easier (with common currency and creation of free trade zone) - Improve economic well being of countries - Increase standard of living for people - Improve environment
The GDP of a country divided by its population GDP per capita (per person)
Why do we pay attention to GDP per capita? It is a good indicator of the standard of living in a country
What does GDP help us understand? The size and strength of an economy
This economy is driven by competition and supply and demand Market Economy
What are some synonyms for a market economy? Capitalism, Free-Enterprise, Free Market
When countries focus on producing a small range of goods that they have the resources for this is called: Specialization
When countries rely on one anther for goods. Specialization leads to this: Interdependence
An action, law, or policy that restricts trade or makes it harder. Trade Barrier
A tax on imports which raises their price. Used to protect domestic business/jobs. Tariff
A complete ban on trade with another country. Used to punish another country. Embargo
A number limit on imports. Used to protect domestic businesses/jobs. Quota
What is currency? Money
What do currency exchange rates tell us? The value of one country's money compared to another
What is a problem with currency exchange? Banks charge a fee to exchange currency. If you exchange a lot of money, you will pay a lot in fees
Created by: mbuckner
Popular Economics sets




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