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Government Systems

Economic System

TermDefinition
Economics The social science that deals with the production, distribution, and consumption of goods and service.
Bartering Exchanging one good or service for another.
What to ---------? How to----------- it? For whom to ----------? Produce
What Economy is it? All members keeps the resources. No one keeps the profit. Only goal is to survive. Traditional Economy
What Economy is it? Government owns the resources. Government keeps the profit. Command Economy
What Economy is it? The people owns the resources The people keeps the profit Doesn't exist anymore Market Economy
Capitalism Economic system in which private owners control the production of goods and profit. Not the government.
Supply How much people have or how much is available.
Demand What or how much people want.
What Economy is it? combination of government and privately owned business people and government own resources people and government own the profit Mixed Economy
Specialization Making a living doing what a person does best.
Human Capital A supply of people who can produce goods and services.
Capital Goods Items that people need to perform their jobs.
Natural Resources Items that come from the world around us that we use for our own purposes.
Entrepreneur People with ideas that are willing to take risks to start a business or make a product.
Currency $(money)
Exchange Rate Converting one nation's money into an equal value of another nation's money.
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