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Economics

QuestionAnswer
What is traditional? Based on customs and traditions
Who owns the resources? all members of the economy
Who keeps the profits? No money profits: goal is to survive.
What is command? Government decides what goods are made and how they will be made
What is bartering? the exchange of one good for another
What is capitalism? economic system in which private owners control the production of goods and profit
What is a market economy? an economy that operates by voluntary exchange in a free market
How many countries have a market economy? 0
What is a mixed economy? combination of privately and government owned businesses
What is a tariff? a tax
What is a quota? a limit of imports
What is an embargo? a ban of exporting
What are human resources? people who perform the labor
What are capital goods? items that people need to perform their jobs
What are natural resources? resources that come from nature
What is an entreprenuer? people with ideas who are willing to take a risk
What is a standard of living? how well people live in a country
What is a literacy rate? the rate of people over 15 years old can read
What is specialization? producing or providing a service in what you do best
What is opportunity cost? value is given up when a choice is made
What are two examples of a capital good? technology and a spoon
What are two examples of a natural resource? rock and trees
What are three ways a country can invest in its human resource? education, training, and health
What is an exchange rate? how much one currency is worth in terms of another
What is currency? money
What to ______? produce
How to _________ it? produce
For whom to ______? produce
Created by: 200346691
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