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Economy The social science that deals with the production, distribution and consumption 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 customs and traditions
Command Economy government controls what goods are made + how they will be made
Market (capitalism) economic system based on free trade and competition
Capatilism Economic 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
Mixed Economy combination of government and privately owned business
Specialization Making a living doing what a person does best
Natural Resources items that come from the world around us that we use for our own purposes
Capital goods items that people need to preform their job
Human resources (capital) a supply of people who can produce goods and services
entrepeneur people with new ideas that are willing to take risks to start a business or make a product
Literacy rate The percentage of people n a country who can read and write
Standard of Living Level of comfort in everyday life
GDP per capital the average annual income of a nation's citizens
Tariff A tax placed on imported goods
Quota number limit on how many items of a particular product can be imported for a particular country
Embargo bans on trading with another country for political reasons
Currency money
Currency Exchange converting one nation's money into an equal value of another nation's money
Created by: Brigittem777



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