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Economics

TermDefinition
Economics The social science that deals with the production, distribution and consumption of goods and services
Bartering Exchange one good or service for another
Traditional Based on culture and rituals
Command Relies on government to make all economic decisions
Market Consumer choices determines how industry and financial markets operate
Mixed Limited government involvement while applying free market concepts
3 questions answered How to produce it? Whom to produce for? What to produce?
Capitailism Economic system with private owners control the production
Supply How much people have
Demand What or how much people want
Specialization Making a living doing what a person dose 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 new ideas that are willing to take risks to start a business or make a product
GPD The average annual income of a nation's citizens
Standard Of Living Level of comfort in everyday life
Literacy Rate The percent of people in a country who can read and write
Embargo Bans on trading with another country for political reasons
Tariffs A tax placed on a good(goods brought in from another country)
Quotas Number limit on how many items of a particular product can be imported from a particular counrtry
Currency Money
Exchange Rate Converting one nation's money into an equal value of another nation's money
Created by: Aminah_R
Popular Economics sets

 



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