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economecs systems
| Term | Definition |
|---|---|
| economy | the social science that deals with the production distibutation and comsumptions of goods and services |
| bartering | exchanging one good or service for another |
| 3 questions answered | what to produce how to produce it for whom to produce? |
| traditional economy | based on traditions, culture and riturals |
| command economy | relies on government to make all economic decisions |
| market economy | an economy with no laws or government |
| capitalism | |
| supply | how much there is of stuff |
| demand | how much people want the stuff |
| mixed economy | an economy with a mix of all economy |
| specialization | earning a living doing something your good at |
| natural resorces | items that come from the world around us |
| capital goods | items that people need to proform there job |
| human resorces | a supply of people who can produce goods and services |
| entreprenuer | a person that takes risks by starting a buisness |
| literacy rate | the percent of people in a country who can read and write |
| standard of living | level of comfort in every day |
| gross domestic product | the average income in the countrys citizens |
| tariff | a tax placed on imported goods |
| quota | a limit on how many of an item can be imported in a country |
| embargo | a ban on trading |
| currency | money ex; euro,dollar ect. |
| exchange | converting one nations money to another |
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