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Economics
economy
| Question | Answer |
|---|---|
| Definition of Economics | Social science hat deals with produce, distribution gods and services |
| Traditional- Who on the resources? Who keeps the profits? | All members of the economy, no money profits |
| An economic system must answer three basis questions. What are they? | 1- how to produce 2- what to produce 3- for whom to produce |
| Definition of Command | a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned |
| Definition of bartering | exchange (goods or services) for other goods or services without using money |
| What is capitalism? | Economic system i n which private owners control production of goods and produts |
| How many countries have a market economy? | 0 |
| Definition of a market economy. | is an economy in which decisions regarding investment, production and distribution are based on supply and demand, and prices of goods and services are determined in a free price system. |
| Definition of Supply. | Quantity of a product or service in market and available for purchase |
| Definition of demand. | the desire to purchase with power to do so |
| What is tariff? | It is a tax on imported goods. |
| What is an embargo? | It is a ban on trading because of political issues |
| People who perform labor, invest by training and education | Human resources |
| Items that people need to perform their jobs | Capital goods |
| Resources that come from naturer | Nature resources |
| People with ideas are willing to take a risk into a business. | Entrepreneur |
| The total amount of final goods and services in a certain country per year | GDP ( Gross Domestic Product) |
| How well off people live, their education status and their living status | Standard of living |
| Producing or providing a service you do best | Specialization |
| Value of what is given when a chose is made | Opportunity cost |
| What is a literacy rate? | is the ability to "read, write, spell, listen, and speak |
| What are two examples of capital goods? | baker; oven, refrigerator |
| What are two examples of a natural resource? | vegetation and trees (paper) |
| What are three ways that a country can control trade? | quota, embargo, tariff |
| what are trade barriers? | they restrictions a country has to follow if they want to trade with another country |
| What is a mixed economy? | It is a combination of two economic systems, a command and a market |
| What is a quota? | a limited or fixed number or amount of people or things, in particular. |
Created by:
Butterscotch890
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