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Economic Systems
Chapter 3 Section 3
| Question | Answer |
|---|---|
| Economist | a person who studies the economy |
| Traditional Economy | an economy that depends on agriculture and bartering, where decisions are made based on long-held customs, beliefs, or habits |
| Command Economy | an economy where government planning groups make the basic economic decisions |
| Economic Continuum | a range between different economic possibilities |
| Market Economy | an economy where decisions are made at an individual, rather than government level; individuals own most of the businesses |
| Mixed Economy | a combination of multiple economic systems |
| Gross Domestic Product | the total value of final goods and services produced in a country in one year |
| Standard of Living | refers to the level of wealth, comfort, material goods, and necessities available |
| Inflation | a continual increase in the price of goods and services |
| Unemployment | when a person does not have a job, but is actively looking for work and is currently available for work |
| Trade | the voluntary exchange of goods and services among people and countries |
| Tariff | a tax on imports |
| Quota | a specific limit placed on the number of imports that may enter a country |
| Embargo | a government order stopping trade with another country |
| Subsidy | giving money to certain businesses so they can continue to compete with imports |
| Standard | rules set by the government in regards to imports and domestic goods |
| Currency | the money people use to make trade easier |
| Exchange Rate | the price of one nation’s currency for another nation’s currency |
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