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Economic Systems
Economic Systems Social Studies
| Question | Answer |
|---|---|
| Economics | Social science that deals with the production distribution, and consumption of goods and services |
| What are the three questions that an economic system must answer? | What to produce? How to produce it? For whom to produce? |
| What is a traditional economic system and what is an example? | It is based on customs and traditions and an example is the Inuit tribe in North America. |
| What is bartering? | The exchange of one good for another. |
| What is a Command Economy? | When the government decides what goods are made and how they will be made. The government gets all the profit, and the own the resources. |
| What is a Market Economy? | Economy that operates by a voluntary exchange in a free market and is not planned or controlled by a central authority |
| How any Market Economies are in the entire world? | Zero |
| What is capitalism? | Economic system in which private owners control the production of goods and profit |
| What is supply? | Quantity of a product or service in a market, and available for purchase |
| What is demand? | The desire to purchase with the power to do so |
| What is embargo? | A ban from trading with another country due to political issues |
| What are tariffs? | A special tax on foreign goods |
| What are quotas? | Limits on the amount of foreign goods that are allowed in a country |
| What is GDP (Gross Domestic Product)? | The total amount of final goods and services that are produced in a country in a year |
| What is human resources? | People who preform labor, invest by training and education |
| What are capital goods? | Items that people need to preform their jobs, invest in it by updating machinery and new computers |
| What are natural resources? | Resources that come from nature |
| What are entrepreneurs? | People with ideas that are willing to take a risk to start a business |
| What is Standard of Living? | The level of comfort and wealth that citizens have |
| What is Literacy Rate? | Percentage of people in a country that can read or write |
| What is specialization? | Producing or providing a sevice in what you do |
| What is Opportunity Cost? | Value of what is given up whan a choice is made |
| What are 2 examples of capital goods? | Ovens, Tractors |
| What are 2 examples of natural resources? | Water, and Wood |
| What are 3 ways a country can invest in its human resources? | Health, Education, and Training |
| What is a Mixed Economy? | Privatly owned and publicly owned businesses together |
| What is Exchange Rate? | How much one currency is worth in terms of another |
| What is Currency? | MONEY!!!!!! |
Created by:
Master Shi Fu
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