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econimic
Term | 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 |
Traditional | economy based on beliefs and values; usually involves bartering rather than the exchange of currency |
Command | An economic system in which the central government makes all economic decisions |
Socialism | Economic system in which most businesses are owned and run by the government |
Communism | Economic, social and political system based on the teachings of Karl Marx |
Capitalism | Economic system in which private owners control the production of goods and profit (free enterprise, market economy) |
Market | An economic system based on free trade and competition (free enterprise, capitalism) |
Supply | How much people have or How much is available |
Demand | What or how much people want |
Mixed | An economic system that has a combination of government and privately owned businesses Most countries have mixed economies like the U.S.! |
Trade Barriers | Obstacles to trade between countries They make trade difficult |
tradicitonal | costom market tradictonal |
command | the government makes the rules in the economy |
market | the indivisuals make the laws |
mixed | a little command gouvernment and a little maret economy |