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Economics Vocab

Economics

TermDefinition
Economics The production, distribution, and consumption of goods and services.
Capitalism Economic system in which private owners control the production of goods and services.
Bartering Exchanging one good or service for another.
Supply How much people have or how much is available.
Demand How or what people want.
GDP The value of all goods and services produced in a county per year.
Standard of living The degree of wealth and material comfort available to a person or community.
Literacy rate The percentage of people in a country who can read and write.
Specialization Making a living of what a person does best.
Currency Money$
Currency exchange trading one type of currency for another.
Voluntary exchange A market where buyers or sellers have the right to sell or buy what they want or refuse to if they choose.
Questions answered What to produce. How to produce it. For whom to produce it.
Traditional economic system Based on traditions
Market economic system People own all resources( no government) and keep all profits.
Command economic system Government chooses what goods are being made and how they are made.
Mixed economic system Combination of market and command economy.
Tariff Taxes on goods
Quota Restrictions on amounts of a good that can be imported into a country
Embargo Forbid trade
Euro European currency
EU promotes free trade and democracy
Natural resources naturally occurring source of wealth, land, or water
capital resources machines and tools used to produce goods.
human resources people in a work force
entreprenur person who takes risks to start a business
Created by: Kiley7
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