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Economic Term/QuestionDefinition
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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