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Economics
| Economic Term/Question | Definition |
|---|---|
| Economy | The social science that deals with the production, distribution and consumption of goods and services. |
| Bartering | Exchanging one good or service for another. |
| Capitalism | Economic system in which private owners control the production of goods and profit and free enterprise. (Market economy) |
| Supply | How much people have or how much is available. |
| Demand | What or how much people want. |
| GDP (Gross Domestic Product) | The value of all the goods and services produced in a country per year. |
| Standard Of Living | The quality in which a country lives. (goods, services, education, health care, jobs) |
| Literacy Rate | The amount of people that can read and write. |
| Specialization | Making a living doing what a person does best. |
| Currency | Money. Ex. Canadian dollar, Brazilian rear, EU/Euro. |
| Exchange Rate | How much one currency is worth in terms of another. (not equal) |
| How many countries have a pure market economy? | No countries have a pure market economy, but U.S is the closest. The closest pure market European country, is the U.K. |
| What are two examples of capital goods? | Capital goods, are the resources needed to make the business. 2 Ex. Computer, Tractors, etc... |
| What are two examples of human capitals? | Human capitals, are the people who work for the business, who can produce goods, and services. 2 Ex. Cashier, CEO, etc... |
| What are two examples of natural resources? | Natural Resources, are items that come from the world around us that we use for our purposes. |
| What is an entrepreneur? | People with new ideas, that are willing to take risks to start a business to make a product. (These ideas can open new jobs, raising the country's GDP) |
| What are three basic questions an economic system must answer? | What to produce? How to produce it? For whom to produce? |
| What are three types of trade barriers? | Embargo=A ban, or stop in trade in certain countries Tariff=$^ Slow in trade due to taxes Quota=Limit in trade |
| What are four types of economic systems? | Traditional Command Market Mixed |
| Traditional | This economy owns resources based on customs and traditions. (no currency, so they use bartering) Ex. Inuits |
| Command | Government owns resources, and keeps profit. Ex. North Korea |
| Market | An economic system based on free trade. Ex. There are no pure market economies |
| Mixed | Combination of government and privately owned businesses. Ex. U.S |
| What are some pros about the EU? | Common currency(euro) Makes trading and business easier Eliminates trade barriers; member nations do not impose embargoes, tariffs, and quotas |
Created by:
DavidChung
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