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Economy Systems

TermDefinition
Economy the social science that deals with the production, distribution and consumption of good and services
Bartering Exchanging/Trading one good or services for another
3 questions awnsered What to, how to, and for whom to produce are the questions answered by the economy
Traditional Economy Based on cultures and rituals (University Now) Based on customs and traditions (Foldable)
Command Economy Government decides what goods are made and how they will be made (Example: North Korea)
Market Economy Economic System based on free trade and competition.
Supply How much a people have / how much is available
Demand What or how much a person wants.
Mixed Economy Combination of government and privately owned businesses
Specialization A person makes a living by doing what he or she is good at.
Natural Resources Items that come from the world around us that we use for our own purposes
Human Capital A supply of people who produce goods and services.
Capital Goods Items people need to preform their jobs.
Entrepreneur People with new ideas that are willing to take a risk to start a business or make a product.
Literacy Rate The percentage of people in a country who can read and write
Standard Of Living Level of comfort of everyday life
Gross Domestic Product (GDP) Per Capital The average annual income of a nation's citizens.
Tariff A taxed placed on imported goods. (goods brought in from another country)
Quotas A number limit on how many items of particular product can imported from a particular country.
Embargoes Bans on trading with another country for political reasons. Forbids trade.
Currency Money of a country. example: Europe-Euros, U.K-Pounds
Currency Exchange Converting one nation's money into an equal value of another nation's money
Created by: AnhTran_6th
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