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Economic Systems

Economics

QuestionAnswer
What is a traditional economic system mean? Economics based on customs and traditions.
Who owns the resources in a traditional economic system? All members of the economy
Who keeps the profits in a traditional economic system? No moeny profits; goal is to survive
What are three questions that economic systems answers? What to produce? How to produce? For whom to produce?
Who owns the resources in a Command economic system? The government owns the resources in a Command economic system.
What does economics mean? Social sciences that deals with the production, distribution and the consumption of goods and services
What is a command economy? a economy that is planned and controlled by a central government
What is a market economy? a economy that operates by voluntary exchange free market is not planned or controlled by a central authority
What is a example of a Command economy? North Korea
What is supply? Quantity of a product or service in market and availble for purchase
What is demand? The desire to purchase with power to do so
What does bartering mean? Trading goods for goods and services
What is capitalism? a economic system which private owners control the production of goods and profits
What is a example of a Traditional economy? the inuit
What is a mixed economy? a combination of privately owned businesses and government owned businesses
What does import mean? bringing goods into a country
What is a quota? a limit on the amount of foreign goods allowed into a country
What is a embargo? to ban trading for political reasons
What is a tariff? tax added to a imported good
What does export mean? goods going out of a country
What does currency mean? a type of moeny
What does literacy rate mean? how many people can read and write in a certain area
What does G.D.P stand for? Gross Domestic Product
What does Gross Domestic Product mean? the total amount of final goods and services produced in a country in a year
What is a natural resource? resources that come from nature
What are capital goods? items that people need to perform thier jobs invest in it, updating machinary and new computers
What does human resource mean? people who perform labor, invest by training and education
What is a entreprenuer? peopla who have ideas that are willing to take risks to start a business or make a product
What does opertunity cost mean? value of what is given up when a choice is made
What does standerd of living mean? How well citizens live based on public services,education, health care, and good jobs
What are two examples of capital goods? a truck and a computer
What are two examples of natural resources? water and trees
What is exchange rate? the value of one currency for the purpose of conversation to each other
What is the common currency that most E.U members have? the euro
Created by: Anjali20
 

 



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