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Economic System

QuestionAnswer
Economy The wealth and resource of a country or region ,especially in terms of the production and consumption of goods and services.
Batering To trade by exchange of commodities rather than by the use of money.
3 questions asked what to produce how to produce for whom to produce
command economy Relies on government to make all decisions.
market consumer choices determines how industry and financial markets operate.
capitalism economic system in which private owners controls the production of goods and profit.
supply How much of something is available.
demand how much of something people want.
mixed economy limited government involvement while applying free market concepts.
specialisation making a living doing what a person does best.
natural resources something that forms naturally.
capitalgoods machines and goods used in the production of other goods.
human resource goods people who do work for a living.
enterprenure People with new ideas that are willing to take the risk.
literacy rate The number of people in a given area who can read or write.
standard of living How well citizens live based on good public.
gdp per capita the average annual income .
tariff tax placed on imported goods.
quota limit of how many particular product is can be imported from a particular country.
embargo bans on trading with another country for political reasons.
currency Another meaning for money e.g naira, pounds ,euro,dollars.
currency exchange converting one nations money into an equal value of another nations money
traditional cultural
Created by: angie2000
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