Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
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

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
Popular Social Studies sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards