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Social Studies

Economic Systems in Europe

What are economics? Social science that deals with the production, distribution, and consumption of goods and services
What are the three main questions a economic system must answer? What to produce? How to produce it? For whom to produce?
Give a description of a traditional economic system and provide an example of who uses this system. Description: based on customs and traditions Ex: Inuit People
Traditional Economy: who owns the resources? - all members of the economy - hunter gathers
Traditional Economy: who keeps the profits? - no money profits; goal is to survive
What are the four main types of economic systems? Traditional Economy, Command Economy, Market Economy, and Mixed Economy
What are some words that describe economics? Goods, trade, services, profit, marketplace, industry, and money
What is bartering? The exchange of one good for another
Give a description of a command economic system and provide an example of who uses this system. Description: government decides what goods are made and how they will be made Ex: Cuba
What are some command economy examples? Communism and Socialism
Command Economy: who owns the resources? - government
Command Economy: who keeps the profits? - government
Give a description of a market economic system and provide an example of who uses this system. Description: operates by voluntary exchange in a free market and is not planned or controlled Ex: no examples
What is capitalism? Economic system in which private owners control the production of goods and profit
How many countries in the world have a market economy? ZERO
What is supply? Quantity of a product or service in a market and available for purchase
What is demand? The desire to purchase with power to do so
Market Economy: who owns the resources? The people (individuals)
Market Economy: who keeps the profits? The people (individuals)
Give a description of a mixed economic system and provide an example of who uses this system. Description: an economy that has some government regulations and some free market Ex: Germany, United Kingdom
What is GDP? Gross Domestic Product: the total amount of final goods produced in that country in a year
What is a tariff? Tax added to an imported good
What is an embargo? Banning trade with another country due to political issues
What is a quota? Limits on the amount of goods
What four factors affect GDP? Human resource, capital goods, natural resource, and entrepreneurs
What is a human resource? People who perform labor, invest by training and education
What are capital goods? Items that people need to perform their job, invest in it by updating machinery
What are the three trade barriers? Tariff, embargo, and quota
What is a natural resource? A natural resource are resources that come from nature.
Who are entrepreneurs? People with ideas who are willing to take risks to start a business or make a product
What is standard of living? How well citizens live based on good public services, education, health care, and good jobs
What is literacy rate? Percentage of people in a country who can read and write
What is specialization? Producing or providing a service in what you do best
What is opportunity cost? Value of what is given up when a choice is made
What are two examples of capital goods? Factories, machinery
What are two examples of natural resources? Land, water
What are three ways a country can invest in its human resource (capital)? Nations that invest in the health, education, and training of their people will have a more valuable workforce
What is a human capital? The value that people bring into the marketplace
What is exchange rate? How much one type of currency is worth in terms of another
What is currency? Money and ca$h
Created by: 200347829