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Economic Systems

TermDefinition
Economy The social science that deals with the production, distribution, and consumption or goods and services
Bartering Exchanging one good or service for another
3 question answered What to produce? How to produce it? For whom to produce?
Traditional economy Based on traditions and customs Ex: Inuits
Command economy Government decides what goods are made and how Ex: North Korea
Market economy Economic systems based on free trade and competition Ex: NONE
Mixed economy
Combination of government and privately owned businesses Ex: Almost every country in the world
Capitalism Economic system in which private owners control the production of goods and profits (free enterprise, market economy)
Supply How much people have
Demand What or how much people want
Specialization Making a living doing what a person does best
Items that come from world around us that we use for our own purposes
Capital goods Items that people need to preform their jobs
Human Resources Supply of people who can produce goods and services
Entrepreneurs People with new ideas that are willing to take risks to start a business or make a product
Literacy rate The percentage of people who can read and write, in a country
Standard of living Level of comfort in an everyday life
GDP The average annual income of a nation’s citizens
Tariffs A tax placed on imported goods
Quota Number limit on how many items of a particular product can be imported from 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
Natural resources
Created by: Kaylee11.0
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