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economic systems

definitions

QuestionAnswer
Traditional Economy Economy based on beliefs and values; usually involves battering rather than the exchange of currency
Capitalism Economic system in which private owners control the production ( free enterprise, market economy )
Market An economic system based on free trade and competition ( free enterprise, capitalism )
Socialism Economic system in which most businesses are owned and run by the government ( usually, communist )
Communism Economic, social and political system based on the teaching of Karl Marx. Calls for the elimination of private property ( all things shared )
Command An economic system in which the central government makes all economic decisions usually an autocratic form of government dictatorship
Mixed An economic system that has a combination of government and privately owned business most countries have mixed Economies like the U.S
Trade Barriers Obstacles that trade between countries. Ex. Tariffs,Quotas, and Embargo's.
Tariffs A tax placed on imported goods ( goods brought in from another country )
Quotas Number limit of how many items of a particular product canbe imported from a particular
Embargo Bans on trading on another country for political reasons ( Embargo = forbid trading )
Bartering Exchange one good or service for another.
Demand What or how much people want .
GDP ( Gross Domestic Product ) The value of all goods and services produced in a country per year
Standard of living How well citizens lie based on good public services,education, health care, jobs ...
Literacy Rate The percentage of people that can read and/or write.
Specialization Specialization is the basis of global trade as few countries produce enough goods to be completely self-sufficient.
Opportunity cost The value of what is given up when a choice is made.
Currency A system of money in general use in a particular country
Exchange rate How much one currency is worth in terms of another.
Economics The social science that deals with the production distribution and consumption of goods ans services.
Human capital The supplies of people that can produce goods. can be improved through training and education
Capital goods Items that people need to perform their job. ( Ex factorie,machinery, and computers )
Natural resources Items that come from the Earth that we use
Entrepreneur People that have new ideas that are willing to take a risk to start a business or make a product
Low literacy rate High literacy rate Low literacy rate + standard of living = GDP High literacy rate + standard of living = GDP
3 Economic system questions What to produce ? How to produce ? For who to produce it ?
Created by: adame