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Economic Systems

Chapter 3 Section 3

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
Created by: smmhr5
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