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Economic System
| Question | Answer |
|---|---|
| What are the four basic economic system? | Traditional,Command,Market,Mixed |
| What is a description of traditional? | Based on beliefs and values. |
| Describe Command | Government makes descisions.Has complete control |
| Describe Market | Trude in commition |
| Describe Mixed | Mixture of a maked companyr |
| What are the factors of the GDP | Human Capital,Capital Goods,Natural Resource,Entrprneaur |
| What is Human Capital? | A person who does a job good |
| What is Capital Goods? | A durable good that is used in goods and services |
| What is an Entreprenaur? | A peron who has an idea to start their own business |
| What are Natural Resources? | Materials or substance that occurs in nature |
| What three basic questions do an economic system answer? | How to produce What to produce From what to produce it |
| Whatare examples of trade barriers? | Embargo,Tarrifs,Quotas |
| Define Economics | The branch of knowledge concerned with the production,consumption,and transfer of wealth. |
| Define Capitalism | Industries are controlled by private owners for profit,rather than by the state |
| Define Bartering | Exchange for goods or services. |
| Define Communism | A place where everyone has the same amount of everythin(house,paycheck,etc) |
| Define Supply | An amount of what is needed. |
| Define Demand | How much of something is in stock |
| Define the GDP(Gross Domestic Product) | The total value of goods produced and services provided in a country during one year |
| Define what the Standard of Living is | How much wealth and material comfort available to a person or community. |
| Define Literacy Rate | The ability to read,write,spel,listen and speak. |
| Define Specialization | Basis of Global Trade |
| Define Oppertunity Cost | The loss of something when you choose something else |
| Define Currency | Money |
| Define Exchange Rate | The value of one currency to another |
| Define Socialism | Production,distribution,and exchange should be owned or regulated. |
| What does a Low Literacy Rate equal? | Low standard of living and GDP |
| What does a High Literacy Rate equal? | High standard of living and GDP |
Created by:
theEngagerSmith
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