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economic systems

TermDefinition
Economics The production , distribution and consumption of goods and services
Capitalism Economic system in which private owners control the production of goods and profit
Bartering Exchanging one good or service for another
Supply How much people have or how much is available
Demand What or how much people want
GDP The value of goods and services in country per day
Standard of Living How well off people are living
Literacy Rate Percent of people 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 People buyers and sellers choose what to sell or buy
Traditional Based on customs and tradition
Command Government decides on what goods are made and how they are made
Market The gathering of people to buy goods and livestock
Mixed Different economic systems and privately owned businesses
Tariff Tax added from a import and output
Quota Limit to the amount of a product can be sold from imported area
Embargo Refusal on the product coming to a country from another country from past events
Euro European currency in Europe
EU Promotes Ruled by a elected monarchy in the EU nation
Natural Resources A naturally occurring source of wealth as land or water
Capital Goods Machines and tools used in the production of other goods
Human Resources People in the work force (Employees)
Entrepreneur Person who takes a risk to start a new business
Created by: freety
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