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economic questions
1. what to produce 2. how to produce it 3. for whom to prduce it
| Term | Definition |
|---|---|
| 3 questions economic systems answer | 1. what to produce 2. how to produce it 3. 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. |
| market | an economic system based on free trade and competition. |
| socialism | economic system in which most businesses are owned and run by the government . |
| communism | economic, social and political system based on the teachings of Karl Marx. |
| command | an economic system in which the central government make all economic decisions. |
| mixed | an economic system that has a combination of government and privately owned business |
| trade barriers | obstacles to trade between countries. they make trade difficult tariffs, quota, embargos. |
| quota | number limit on how many items of a particular product can be imported from particular country. quota=numbers # |
| tariff | a tax placed on imported goods. tax= money $ |
| embargo | bans on trading another country for political reasons. embargo=stop |
| economics | the social science that deals with the production, distribution and consumption of goods and services. |
| bartering | exchanging one good services for another. |
| supply | how much people have or how much is available. |
| demand | what or how much people want. |
| GDP | the value of all of the goods and services producted in in a country per year. GDP= how rich or poor a country is. |
| standard of living | how well citizens live based on good public services, education, health care, jobs. |
| literacy rate | the percentage of people in a country who can read and write. |
| specialization | make 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. |
| entrepreneurs | people with new willing to take risks to start a business or make a product. |
| low literacy rate | literacy rate + standard of living = GDP |
| high literacy rate | literacy rate + standard of living =GDP |
| European union | purpose: to strengthen the economic, political and defensive ties of member nations. common currency: euro makes it easier to do business because they don't have to worry about exchange money. eliminates:trade barriers:member nation don't inlose embarg |
Created by:
Tanya D
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