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economic systems
Term | Definition |
---|---|
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 |