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Economic Systems
Economic + Systems = Ecosystems
| Question | Answer |
|---|---|
| What is economics? | Social science that deals with the production,distribution, and consumtion of goods. |
| What three questions are answered in an economic system? | 1(What to produce? 2(How to produce it? 3(For whom to produce it? |
| What is a traditional economic system? | Based on customs and traditions |
| What is bartering? | The exchanging of goods for another |
| What is a command economy? | Decides what goods are made and how they will be made |
| What is a market economy? | Economy that operates by voluntary exchange |
| What is capitalism? | Economic system in which private owners control the production of goods and profit. |
| How many countries have a market economy? | ZERO!!!!!!!!!! |
| What is supply? | Quantity of a product or service in a market and available for purchase. |
| What is demand? | The desire to purchase and the power to do so |
| What is a mixed economy? | Combination of privately owned and government owned businesses. |
| What is a tariff? | A special tax. |
| What is a quota? | A limit on the amount of foreign goods bought. |
| What is an embargo? | A ban on trade with another country. |
| What is GDP? | Total amount of final goods and services produced in that country in a year. |
| What are human resources? | People who perform 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 entrepreneur? | People who take a risk to make a product. |
| What is standard of living? | How well citizens live in a country. |
| What is literacy rate? | The amount of people in a country that can read and write. |
| What is specialization? | Producing or providing a service based on what you do best. |
| What is opportunity cost? | Value of what is given up when a choice is made. |
| What are two examples of capital goods? | Shovel, oven, etc. |
| What are two examples of natural resources? | Soil,seeds, etc. |
| What are two ways a country can invest in its human resources? | It can provide training and education to people. |
| What is exchange rate? | How much one currency is worth in terms of another. |
| What is currency? | Money |
Created by:
The_Selfieholic
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