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Alyssa S. economy
economic systems
| Term | Definition |
|---|---|
| 3 questions economic systems | What to produce, How to produce it, For whom to produce it. |
| Traditional Economy | Economy based on beliefs and values; usually involves bartering rather than the exchange of currency. |
| Capitalism | Economic system in which private owners control the production of goods and profit (free enterprise, market, economy). |
| Market | An economic system based on free trade and competition (free enterprise and capitalism). |
| Socialism | Economic system in which most businesses are owned and run by the government (usually communist). |
| Communism | Calls for the elimination of private property (all things shared). |
| Command | An economic system in which the central government makes all economic decisions. |
| Mixed | An economic system that has a combination of government and privately owned businesses. |
| Trade Barriers | Obstacles to trade between countries that make trade difficult. Examples: Tariff, Quota, Embargo. |
| Quota | Number limit on how many items of a particular product that can be imported from a particular country. |
| Tariff | A tax placed on imported goods (goods brought in from another country). |
| Embargo | Bans on trading with another country for political reasons. |
| Economics | The social science that deals with the production, distribution' and consumption of goods and services. |
| Capitalism | Economic system where private owners control the production of goods and profit. |
| Bartering | Exchanging one good or service for another. |
| Supply | How much people have or How much is available. |
| Demand | What or how much people want. |
| GDP (Gross Domestic Product) | The value of all goods and services produced in a country per year (how rich or poor a country is). |
| Standard of Living | How well citizens live based on good public services, education, health care, and jobs. |
| 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 | Supply of people who can produce goods and services. |
| Capital Goods | Items that people need to perform their jobs. |
| Natural Reasources | Items that come from the world around us that we use for our own purposes. |
| Enteprenure | People with new ideas that are willing to take risks to start a business. |
| Traditional | Economy involving beliefs, values, and bartering. |
| Command | Economic system where central government controls. |
| Market | Economic system with free trade and competition. |
| Mixed | Economic system with private businesses and government. |
| European Union | To strengthen the economic, political, and defensive ties of member nations. |
Created by:
slowbro
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