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Economics

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QuestionAnswer
The social science that deals with the production disturbed and competition of goods and services Economics
Economic system where private owners control the production of goodsand Capitalism
Bartering
Supply
Demand
GDP
Standard of Living
Literacy rate
Specialization
Opportunity Cost
Currency
Exchange Rate
Traditional
Command
Market
Mixed
Human Capital
Capital goods
Natural Resorces
Entrepreneur
Low GDP
Hight GDP
The social science that deals with the production disturbed and competition of goods and services Economics
Economic system where private owners control the production of goods and profits Capitalism
Exchanging one good or services for another Bartering
How much people have or what's available Supply
How or who much people want Demand
Value of all the goods and services produce in a country per year GDP=How rich or poor a country is GDP
How well citizen lived based on good public services,education,health,care,jobs Standard of Living
The percentage of people in a country who can read and write Literacy rate
Making a living doing what a person does best Specialization
The value of what is given up when a choice is made Opportunity Cost
MONEY Currency
How much one currency is worth in terms of another Exchange Rate
Values and belifs Traditional
Central governments make all decisions Command
economy based on free trade and comprehension Market
Government and privately owned businesses Mixed
A supply of people who can produce goods and services Human Capital
Items that people need to perform the job Capital goods
Items that come from the world around use for owner own purposes Natural Resorces
People with ideas willing to take risk Entrepreneur
Low Literacy Rates+ standard living= Low GDP
High Literacy rate+ Standard of living Hight GDP
Created by: brookwoodbroncos
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