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Econmic systems
| Term | Definition |
|---|---|
| questions answer | what is produced how,and why |
| traditional economy | ware you own the resources and keep the profits |
| command | government decides what goods are made and how they are made |
| bartering | exchange of one good or service for another |
| economy | soical science that deals the production of a service |
| market | economy based on free enter pries |
| capitalism | economy in which people control products, profits,and goods |
| how many have pure markets | 0 have that type of economy |
| supply | how much people have avalible |
| demand | what or how much people want |
| mixed economy | you have the power to make your own business but there is requirements by the government |
| gdp | amount of money the country make a year |
| standard livining | how well people |
| literacy rate | how many can read and write |
| specialization | making money off of what you do best |
| currency | money |
| exchange rate | how much currency is worth based on the terms of anouther |
| natural reasoures | items found in nature |
| capital goods | items you need to do your job |
| human reasores | employes |
| entupernuer | who takes a risk of losing money by starting a company |
| two examples of capital goods | computer,lawnmower |
| three ways to invest in human capital | providing education,health, and training |
| tariff | a tax on imported goods |
| quota | a limit on how many goods can be traded |
| embargo | a band on goods |
Created by:
cool03
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