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economics systems
| Term | Definition |
|---|---|
| economics | the social science that deals with the production,distribution, and consumption of goods and services |
| bartering | Exchanging one good or service for another |
| capitalism | economic systems where private owners control the production of goods and profit |
| Supply | How much people have or how much is available |
| Demand | what or how much people want |
| GDP (Gross Domestic Product) | The value of all of the goods and services produced in a country per year |
| Standard of living | level of comfort in every day life |
| Literacy Rate | the 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 currency is worth in terms of another |
| Voluntary Trade | describes a market where buyers and sellers have the right to sell and buy products or refuse to if they so choose |
| Command Economy | Government decides what goods are made and how they will made Example: Cuba |
| Market Economy | The people own everything |
| Traditional Economy | Based on customs Example: Inuits |
| Mixed Economy | Combination of Market and Command Economy Example: Almost every Country |
| Three questions an economic system answers | What to produce how to produce it For who to produce |
| Human Capital | A supply of people who can produce goods & services Can be improved through training, education, and healthcare |
| Natural Resources | Items that come from the world around us that we use for our own purposes |
| Capital Goods | Items that people need to perform their jobs |
| Entrepreneurs | People with new ideas that are willing to take risks to start a business or make a product |
| Quota | Number limit on how many items of a particular product can be imported from a particular country |
| Tariff | A tax placed on imported goods (goods brought in from another country) |
| Embargo | Bans on trading with another country for political reasons |
| 2 examples of capital goods | Computer Shovel |
| 3 examples of human resources | education healthcare training |
| European Union | Purpose: to strengthen the economic, political and defensive ties of member nations.Eliminates trade barriers: member nations do not impose embargoes, or tariffs or set quotas |
| Euro | The common currency of the European Union |
Created by:
movienerd36
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