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Economic systems

Economic id10t words

TermDefinition
Economics Social something that deals with the production, distribution, and consumption of goods and services.
Bartering exchanging one good or service for another.
Capitalism economic system where private owners control the production of goods and profit.
Supply How much is available.
Demand What or how much people want.
GDP The value of all the goods and services produced in a country per year.
Standard of Living Level of comfort in everyday life.
Literacy Rate Percentage of people in a country who can read and write.
Specialization Making a living doing what a person does best.
Currency Money.
Exchange Rate How much 1 currency is worth compared to another.
Voluntary Trade Market where buyers and sellers buy and sell what they chose.
3 questions What to produce? How to produce it? For whom to produce?
Market Economy (Capitalism) People own everything
Command Economy Gov. decides what goods are made and how they will be made
Mixed Economy Citizens have choice in what they buy or sell but they have to follow gov. laws
Traditional Economy Based on customs and traditions
Natural Resources Items from the Earth which we use to fulfill our needs and wants
Capital Goods Items people need to perform their jobs
Human Capital (Resource) Supply of people who can produce goods and services/ workers
Entrepreneur People with new ideas who take the risks of starting a business or making a product
Embargo a ban on trade for political reasons
Tariff A tax on imported goods
Quotas Limits on how much of a product can be imported
2 examples of a capital good Shovel or oven
3 ways to invest in human capital Healthcare, training, education
European Union uses free trade and common currency to create a good economy and keep peace.
Euro common currency used in Europe and EU
Created by: BabyTheCat
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