Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
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 |
Created by:
200369341
Popular Social Studies sets