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Economic Systems
Economics
| Question | Answer |
|---|---|
| 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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