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Economic System
| Term | Definition |
|---|---|
| Economy | The social science that deals with the production, distribution and consumption of goods and services. |
| Bartering | Exchanging goods and services for other goods or services without using money. |
| Questions answered who to produce, how to produce, for whom to produce? | What to produce, how to produce and for whom to produce are the questions answered by an economy. |
| Traditional Economy | This economy uses bartering instead of money and is based on cultures and rituals. |
| Command Economy | Relies on the government to make all economic decisions. |
| Market Economy | Consumer choices determines how the industry and financial markets operate. |
| Capitalism | An economic system in which private owners control the production of goods and services. |
| Supply | How much people have. |
| Demand | What or how much people want. |
| Mixed Economy | It's when limited government involvement while applying free market concepts. This is one that almost all government systems have. |
| specialization | Making a living doing what a person does best. Ex. - Carpenter, artist, social studies teacher. |
| Literacy Rate | The percentage of people in a country who can read and write. |
| standard of living | Level of comfort in every day life. |
| GDP Per Capita | The average annual income of a nation's citizens. |
| Tariffs | A tax imported on certain goods (goods brought in from another country). |
| Quota | Number of limit on how many items of a particular product can be imported from a particular country. |
| Embargo | Bans on trading with another country for political reasons. |
| Currency | Money. Ex. are Canadian dollars, Brazilian real, Eu-Eros, and Mexican Pesos. |
| Currency exchange( exchange rate) | Converting one nation's money into an equal value of another nation's money. |
| Natural Resources | Items that come from the earth/world around us for our own purposes. |
| Capital Goods | Items that people need to perform their jobs. |
| Human Resources (goods) | A supply of people who can produce goods and services. |
| Entrepreneur | People with new ideas that are willing to take risks to start a business or make a product. |
Created by:
Latima11
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