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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 good and services.
bartering exchanging one good or services for another
traditional economy based on culture and rituals
command economy limited government involvement while applying free market operate
market consumer choices determines how industry
capitalism economic systems in which private owners control the production of goods and profit free enterprise,market ,economy
supply how much people have or how much is available
demand what or how much people want
GDP (Gross Domestic product) The Average annual income of a nations citizens.
standard of living level of comfort in every day life
Literacy Rate The percentage of people in a country who can read and write
specialization Making a living doing what a person does best Carpenter artist social studies teacher.
currency A type of money.
currency Rate converting one nations money into an equal value of another nations money.
Natural resources materials of 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 often contrasted with consumers goods.
human resources the personnel of a business or organization especially when regarded as a significant asset
entrepreneur a person who organizes and operates a business or businesses, taking on, greater than normal financial ricks in order to do so.
tariff a tax or duty to be paid on a particular class or imports or exports
quota a proportional share assigned to each participant
embargo ban the publication of (documents), as for security of copy right reasons.
Created by: ellie marcano
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