Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economies
| Term | Definition |
|---|---|
| Traditional economies | system in which traditions, customs, and beliefs help develop the goods and the services the economy produces |
| Mixed economy | an economic system combining private and public enterprise |
| Market economy | An economic system where decisions regarding investment, production, and distribution are based on the interplay of supply and demand, which determines the prices of goods and services |
| GDP(gross domestic product) | the total value of goods produced and services provided in a country during one year |
| Per capital GDP | a measure of the total output of a country that takes gross domestic product and divides it by the number of people in the country |
| Specialization | A method of production where a business, area or economy focuses on the production of a limited scope of products or services to gain greater degrees of productive efficiency within an overall system |
| Trade Barrier | government-imposed restraint on the flow of international goods or services |
| Entrepreneurs | setting up a business or businesses, taking on financial risks in the hope of profit |
| Human capital | the skills, knowledge, and experience processed by an individual or population, viewed in terms of their value or cost to an organization or country |
| Capital goods | goods that are used in producing other goods, rather than being bought by consumers |
Created by:
Tori.lamar
Popular Social Studies sets