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Economic Systems

TermDefinition
Economics The social science that deals with the production, consumption and distribution of goods and services
Capitalism Economic system where private owners control the production of goods and profit( free enterprise, market economy)
Bartering Exchanging one good or service for another.
Supply How much people have.
Demand What or how much people want.
GDP (Gross Domestic Product) The value of all the goods and services produced in a country per year.
Standard of Living The degree of wealth and material comfort available to a person or community.
Literacy Race The percentage of people in a country who can read and write.
Specialization Making a living doing what a person does best.
Currency Money.
Currency Exchange Trading one type of currency for another.
Voluntary Trade A market where buyers and sellers can sell and buy by their own preference or refuse to if they choose.
Traditional Economy Based on customs and traditions.
Command Economy Government decides what goods are made and how they will be made.
Market Economic System The people own resources and keep the profits.
Mixed Economic System Combination of government and privately owned business.
3 Questions Answered What to produce? How to produce it? For whom to produce?
Embargo Forbid trade with another country.
Quota Restrictions on the amount of goods that can be imported into a country.
Tariffs Taxes placed on imported goods.
Euro Common currency in the European Union
EU promotes Free trade and democracy
Natural Resources Naturally occurring source of wealth, such as land and water.
Capital goods Machines and tools used in the production of other goods.
Human Resources People in the workforce (employees).
Entrepreneur Person who takes a risk to start a new business.
Two examples of a capital good An oven and a 3D printer.
Three examples of human capital Healthcare, training, and education.
Created by: Lams4life