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Economic systems

TermDefinition
Economy the social science that deals with the production,distribution and consumption of goods and services
Bartering Exchanging one good or service for another
Traditional Economy based on customs and traditions
Command Economy Government decides waht goods are made and how they will be made
3 question answer What to produce how to produce it for whom to produce it
Capitalism The economic system in which private owners control the production of goods and profit
Supply How much people have or how much is available
Demand What or how much people want
GPD The value of all the goods and services produced in a country per year
Standard of living The degree of wealth and material of comfort to a person or a community
Literacy rate The percentage of people who can read and write
Specialization Making a living doing what a person does best
Currency money
Currency exchange trading a type of currency for another
Volentary trade a market where buyers and sellers have the right to sell and buy their own preference or refuse to to if they choose so
Market economy people onw resources and keep profit
Mixed economy Combination of government and privatly owned busniess
tariff tax placed on improted goods
quota restrictions on the amount of goods
embargo forbid trade with other country
natural resources a naturally occuring source of wealth land or water
capital goods machines and tools used in the production of other goods
human resources person in the work force
Entreprenuer a person who takes a risk to start a new business
Euro common currency
EU promotes free trade and democracy
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