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Economic Systems

Economic Systems of Europe

TermDefinition
Three Questions in Economics What to Produce How to Produce it For Whom to Produce
Economics The social science of the production, the distribution, and consumption of goods
Bartering Exchanging one good or service for another good or service
Capitalism citizens control production and profits (free enterprise or market)
Supply how much is available
Demand how much people want
Command Economy controlled by the government
Traditional Economy based on traditions and culture
Market Economy citizens control production and profits
# of Countries that have a pure market economy 0
Mixed Economy Partly controlled by government partly controlled by citizens example: Germany
GDP value of all the goods and services produced in a country in a year
Standard of Living how well people live based on public services, education, healthcare, and jobs
Literary Rate percentage of people that can read and write
Specialization making a living by doing what a person does best
Currency Money
Exchange Rate How much one country's currency is worth in another country
Human Capital A supply of people that can produce goods or services
Capital Goods Items people need to perform their jobs
Natural Resources Items that from the world around us that we use for our own reasons
Entrepreneur People with new ideas that take a risk to start a business or make a new product
Tariff A tax on imported goods
Quota A limit on the amount of goods that can be imported
Embargo A ban on an imported good
Created by: Feranmi
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