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economic systems

economy

QuestionAnswer
What questions must an economic system answer? What to produce?how to produce it?For whom to produce?
Who owns the resources in a traditional economy? All members of the economy.
Who keeps the profits in a traditional economy? no money profits: goal is to survive
Who controls everything in a command economy? government
What is bartering? trade one good for another.
Who owns the resources in a market economy? The people.
What is capitalism? Economy where private owners control goods and profits.
How many market economy are there? 0
Which two economic terms go together? supply and demand
Who sets the equilbrium point? market forces
What is a mixed economy? A combination of command and market
What is the GDP? The total amount of products produced.
What is a human resource? People who perform labor.
What are capital goods? Items that people need to perform their job.
What are natural resources? resources from nature.
What are entrepreneurs? people who take risks to start a business.
What is standard of living? How well people live.
What is literacy rate? Percentage of people who can read and write in a country.
What is opportunity cost? Value of what is given up when a choice is made.
What is specialization? Producing or providing a service that you are good at.
What are some natural resources? Air water
What is currency? Money
What are the three ways people can invest in human capital? Training,Education,Healthcare
Created by: 200345756