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Stack #1743135
| Term | Definition |
|---|---|
| Traditional Economy | economy based on beliefs and values; usaully involves bartering rather than exchange of currency. |
| Capitalism | economic system in which private owners control the production of goods and profit (free enterprise, market econmoy) |
| Market | an economic system based on free trade and competition (free enterprise) |
| Socialism | economic system in which most businesses are owned and run by the government |
| 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 businesses most countries have mixed economies like the U.S. |
| Supply | how much people have or how much is available |
| Demand | what or much people want something |
| Trade Barriers | obstacles to trade between countries they make trade difficult |
| Quota | number limit on how many items of a particular product can be imported from a particular country |
| Tariff | tax placed on imported goods |
| Embargo | bans on trading with another country for political reasons |
| Economics | the social science that deals with the production,distribtion and consumption of goods and sevices |
| Bartering | exchanging one good or service for another |
| GDP (Gross Domestic Product) | value of all of the goods and service produced in a country per year |
| Standard of Living | how well citizens live based on good public services, education |
| Literacy Rate | the percentage of people in a country who can read and write |
| Specialization | making a living doing what a person does best |
| Opportunity Cost | the value of what is given up when a choice is made |
| Currency | money |
| Exchange Rate | how much one currency is worth in terms of another |
| Human Capital | a supply of people who can produce goods and services can be improved through training and education |
| Capital Goods | items that people need to perform their jobs |
| Natural Resources | items that come from the world around us that we use for our own purposes |
| Examples of Natural Resources | oil tree water |
| Entrepreneurs | people with new ideas that are willing to take risks to start a business or make a product |
| Examples of Entrepreneurs | Bill Gates Warren Buffet George Foreman |
| What does a high Literacy Rate and Standard of Living equal? | Higher GDP |
| What does a low Literacy rate and Standard of Living equal? | Lower GDP |
Created by:
swagarific
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