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Economic Systems

TermDefinition
Economy .the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
Barting exchange (goods or services) for other goods or services without using money
3 questions answerd What to produce? How to produce it?For whom to produce?
Traditional Economy Based on customs and traditions.
Command Economy an economy in which production, investment, prices, and incomes are determined centrally by a government.
Command give an authoritative order
Market economic system based on free trade and competition
Capitalism economic system in which private owners control the production of goods and profit
Supply how much people have
Demand how much people want.
Mixed Economy combination of government and privately owned businesses.
Specialization making a living doing what a person does best.
Natural Resources materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
Capital Goods goods that are used in producing other goods, rather than being bought by consumers.
Human capital A supply of people who can produce goods and services.
Literacy rate the percentage of people in a country who can read and write.
standard of living the degree of wealth and material comfort available to a person or community.
GDP per capital The average annual income of a capitals citizens.
Tariff a tax placed on imported goods
Quota number limit on how many items of a particular product
Embargo Bans on trading with another country for what it is doing.
currency money
currency exchange exchanging money
Created by: SweetlikeSour001
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