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What are the 3 economic system questions How to produce?How to produce it?For whom to produce it?
What is Traditional Economy? Economy based on beliefs and values; usually involves bartering rather than the exchange of currency.
What is Capitalism Economy? Economic System in which private owners control the production of goods and profit.
What is Market Economy? An economic system based on free trade and competition.
What is Socialist Economy? Economic system in which most businesses are owned and run by the gov't.
What is Communist Economy? Economic,social and political system based on the teachings of Karl Marx.
What is the Command Economy? An economic system which the central gov't makes all the economic decisions.
What is a Mixed Economy? An economic system that has a combination of gov't and privately owned businesses.
What are Trade Barriers? Obstacles to trade between countries.
What is a Quota? Number limit on how many items of a particular product can be imported from a particular country.
What is a Tariff? A tax placed on imported goods.
What is a Embargo? Bans on trading with another country for political reasons.
What is Economics? The social science that deals with the production, distribution and construction of goods and services.
What is Bartering? Exchanging one good or service for another.
What is Supply? How much people have and How much is available.
What is Demand? What or how much people want?
What is GPD? The value of all of the goods and services produced in a country per a year.
What is the Standard of Living? How well citizens live based on goods and services, education, healthcare, and jobs.
What is Specialization? Making a living doing what a person does best.
What is Opportunity Cost? The value of what is given up when a choice is made.
What is Currency? MONEY
What is Exchange Rate? How much one currency is worth in terms of another.
Created by: OwlChicken
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