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economecs systems

TermDefinition
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
Created by: Zainecorrona