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Economic System

TermDefinition
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 business owners control the production of goods and profit.
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 of the goods and services produced in a country per year.
Standard of Living How well citizens live based on good public services, education, and healthcare jobs.
Literacy Rate The percentage of people in a country who can read and write.
Specialization Making a living doing what a person does best.
Currency Money.
Exchange Rate How much money is worth in terms of another.
Traditional Economy Bartering, customs, and traditions based on culture and rituals.
Command Economy Government decides what goods are made and how they will be made.
Three Questions What to Produce? How to Produce? For Whom to Produce?
How many countries have a pure market economy? 0
Market Economy Consumer choices determines how industry and financial markets operate.
Mixed Economy Limited government involvement while applying free market concepts.
Capitalism An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Natural Resource Items that came from the world around us that we use.
Created by: 200371966
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