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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 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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